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Take Over by Lenzing Technik of Beloit Austria: Know-How Remains in Austria
10.02.2000
The engineering firm Lenzing Technik GmbH & Co KG, a subsidiary of the Lenzing Group, has made a successful bid for the assets of Beloit Austria GmbH. Bankruptcy proceedings were begun against Beloit Austria on 26/11/1999, when debts of nearly 1 billion Austrian Schillings (EUR 72.7 million) made this the largest insolvency in Upper Austria last year.
The 460 employees of Lenzing Technik supply services and entire chemical plants to the wood pulp and cellulose fibre industry world wide, and achieve a turnover of about 600 million Austrian Schillings (EUR 45 million).
"This take-over is an essential step in our strategy of enhancing our technological competence and broadening our markets", says Dr Wilfried Rueckl, manager of the Pulp and Environmental Technology Division. Research into new processes for wood pulp digestion begun by Beloit will be continued, in as far as they make possible a technological leap forward for Lenzing Technik.
Through this purchase Lenzing Technik has ensured that Austrian know-how remains in Austria, and saved jobs for highly qualified staff.
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