Schiesser sold to israel

Schiesser sold to Israel

Only the approval of the competition guardians is still pending. Nothing was disclosed about the exact purchase price – but the sum was enough to serve all creditors.

The sale to delta galil – also a producer of textiles such as underpants, lingerie and functional underwear – marks the end of plans for an initial public offering by schiesser, which the traditional company founded in 1875 had postponed several times. Actually, the radolfzellers wanted to have ventured onto the parquet by the summer in order to collect fresh money. "We plan to have served all creditors in august," schiesser’s chief executive and former insolvency administrator, volker grub, told the dpa news agency. By then, the antitrust authorities should have given the go-ahead and the handover should have taken place, which, according to the contract, is to take place on 1 january 2009. July pending.

Schiesser went bankrupt at the beginning of 2009. The main reason was unprofitable license agreements for third-party brands such as tommy hilfiger and puma. Still in 2009, schiesser returned to profitability and heralded the end of unprofitable outsourced production. At the end of 2010, the debt mountain had stood at 67 million euros. According to grub, delta galil was already involved in the search for investors at that time. "But then it had not yet fit."The current buyer has been interested all along and has closely followed the turnaround at schiesser. "They were really hot for it afterwards," said grub.

The group has not yet been represented in german-speaking countries, so schiesser is a fitting piece of the puzzle and fits perfectly into the expansion plans of the israelis. There is no formal job guarantee now, he said. "But they couldn’t do it without the employees here," said grub. Delta promised growth – also in terms of workforce – and made a clear commitment to the schiesser brand. Schiesser may now receive additional production orders. The company from lake constance describes itself as the "market leader among german laundry specialists". 1780 people work for the group.

Delta galil was founded in 1975 and, according to its own information, employs 7000 people worldwide. The company manufactures on four continents and serves 50 industry giants in the u.S., the uk and continental europe. According to the 2011 balance sheet, the group had sales of just under 679 million US dollars (about 514 million euros). In a jointly distributed press release, the new partners talk of around 900 million US dollars in group sales – that would be 684 million euros.