ASMAG Group looks to take over Ingenia

The ASMAG Group, Almtal, Austria, a provider of tube and profile manufacturing machinery, currently is in negotiations on the takeover of Ingenia GmbH, Linz, Austria, which went into insolvency on July 20, 2016.

The effort depends on the successful restructuring of Ingenia, which ASMAG estimates will be completed within a few months. Closure of Ingenia has been avoided, and its continued operation is ensured by submission of a restructuring plan proposal.

“It is just not right that a sound company, supported by a lively entrepreneurial spirit and nurtured with economic common sense, would simply disappear from the Austrian landscape,” said Johann Vielhaber, owner of ASMAG.

According to Vielhaber, the Russian market has been very important for Ingenia, and the rise in the euro/ruble exchange rate since 2013 has made it more expensive for Russian investors to pay euros to European exporters. This has led to liquidity problems for the company.

Ingenia is a general contractor for zinc coating and hot-dip galvanizing lines, as well as special lines with closed-cycle process sequences for piece goods and small parts.