Creditors of the troubled FagorMarstercook factory in Wrocław agreed to sell it to Germany’s Bosch Siemens. The value of the transaction may reach PLN 90m with another PLN 120m to be invested in the facility. The new owner said it will reduce factory’s workforce from 830 employees to just 500. “We’re all expecting to lose our jobs but thanks to Bosch’s money will receive nine-months in severance pay,” said Lech Bąk, chief of the local trade union.
The initial asking price for the factory was PLN 270m, but the offer fail to attract any bidders. FagorMastercook fell into financial problems in October 2013, resulting from liquidity problems of its Spanish mother company, Fagor Electrodomesticos. The investor and its Wrocław’s subsidiary filed for bankruptcy, which was approved by the San Sebastian court.
