ASS Stahlservice, a distributor in Neresheim in the German state of Baden-Württemberg can continue business with its 50 employees, after becoming insolvent last September.
The company now ASS Stahl, will become part of the larger GABO Stahl group, which is headquartered in nearby Essingen. According to a company press release, the creditors of the company have approved of the transfer.
In the restructuring process, stakeholders were assured of the company’s substance, with long-standing customer relationships, knowledge of the market, and experienced staff, Kallanish understands.
“The transaction is an encouraging sign that an insolvency procedure can be the starting point for a structural renewal,” insolvency administrator Martin Hörmann is quoted as saying.
ASS Stahlservice was founded in 2001, and last year moved to its new location in Neresheim. It handles bright bar, grained structural steel, and cast iron, among other products, for customers in mechanical engineering and drive technology.
GABO Stahl group also specialises in special bar qualities. It has a storage capacity of 30,000 tonnes at five sites, in Essingen, in nearby Aalen, and in Dortmund, state North Rhine Westphalia.
Author: Christian Koehl
