German sprayer manufacturer Dammann is in advanced talks with a number of potential investors as it continues its ongoing restructuring in self-administration proceedings.
Several parties are reportedly interested in Dammann, which generates annual revenues of around €35 million, and are keen to invest in the production site in Hedendorf. The company stresses that production, parts supply and service will continue as usual during the remediation process.
“The support from contract dealers, customers, and suppliers has encouraged me to tackle the restructuring with determination,” comments managing director Nadine Damann. “Dammann is operationally capable and is a strong brand. Now it’s about bringing in an investor.”
With the opening of the insolvency proceedings by the German court, Dammann has the room to continue the restructuring process, which has already seen the workforce cut from 140 to around 110 employees.
Management remains responsible for the day-to-day activities, while a court-appointed administrator oversees the process. The background of the proceedings is a long-standing, industry-wide market weakness in demand for agricultural machines, which has led to significantly declining orders.
Dammann in financial trouble – Profi
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