The Austrian laundry provider Palmers Textil AG was looking for new donors: found it inside. As part of the second believer meeting for the ongoing renovation procedure, the company “presented a declaration of intent to start a strategic investor group around a listed textile company on Tuesday,” said Palmers in a message. It was not announced which company it is.
The laundry company had recently written deep red numbers and filed for bankruptcy in mid -February. As part of the following renovation process, it had already announced extensive savings measures and continued the search for investor: on the inside before the bankruptcy.
Palmers is to be continued “as an independent company”
These efforts were obviously successful. “The corporate management of Palmers Textil AG was able to gain the investor group for a common future path through a well -founded renovation concept, in which Palmers, as an independent company, is to be successfully developed with a clear positioning in the premium segment,” says a message. The existing management team of Palmers remains “on board” after the planned takeover and will work on the implementation of the renovation concept. The transaction now agreed should be completed by the believer meeting on May 20.
As part of the “strategic partnership” with the group of investors, “long -term and strategically sensible synergies are to be achieved,” said Palmers. In a first step, “the cooperation is being expanded, especially in the areas of procurement and production”. The aim is to advance the expansion afterwards: “In further steps, the group of investors provides support from entering new markets,” said the laundry provider.