The solar glass manufacturer started insolvency proceedings in July. An investor’s bid has now failed, leaving more than 200 employees facing redundancy.
The liquidator of German glass manufacturer Glasmanufaktur Brandenburg GmbH (GMB) announced on Thursday that attempts to bring in an investor had failed, a development that the Ministry of Economic Affairs of the German state of Brandenburg regretted on Friday.
The planned takeover of the bankrupt solar glass manufacturer unexpectedly failed, leaving approximately 215 remaining employees facing layoffs. GMB had started insolvency proceedings in July.
“This is terrible news for GMB employees and their families. I can understand their enormous disappointment and fully understand their anger and frustration,” said Brandenburg Economy Minister Daniel Keller. “We worked until the very end, pushing the boundaries of what is legally allowed, to explore ways to provide further support,” Keller continued, without revealing details.
He warned that with the failure of the deal with investors, Europe’s last solar glass manufacturer may have to cease operations permanently. “The EU is knowingly moving towards dependence on non-European products, especially from China. This is a disastrous development, especially in the highly sensitive area of energy production, and it is simply negligent,” Keller added.
The Mining, Chemical, and Energy Industrial Union (IG BCE) also expressed “deep disappointment at this dramatic development.” According to the union, the potential investor withdrew because he could not secure financing for the takeover. IG BCE reports that employee layoffs could begin as early as December 1, with the complete closure of the factory expected in March, after notice periods have expired.
“After months of hope, discussions, evaluations and intensive negotiations, this is a heavy blow for the workforce. Our colleagues did everything they could to save this factory until the end,” said Anis Ben-Rhouma, deputy district manager of IG BCE Lausitz. “The investor’s withdrawal leaves people in the lurch and destroys the trust many have placed in the process.”
The union blamed GMB’s former shareholder, Indian parent company Borosil. “Short working hours, then bankruptcy, and now they are evading responsibility. This is unacceptable. We will not tolerate it and will make our anger known,” Ben-Rhouma said. IG BCE has called on employees to take part in a protest on Monday in Tschernitz, where the company’s headquarters are located.
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