Italian flatware maker takes over Rosenthal porcelain tradition
DPA/The Local · 20 Jul 2009, 15:40
Published: 20 Jul 2009 15:40 GMT+02:00
The family-owned Sambonet Paderno will take over all production centres and trademark rights for Bavarian company Rosenthal AG, insolvency administrator Volker Böhm said. The company, which employs some 1,000 in Germany and 200 more worldwide, did not disclose the price of the purchase, though it was rumoured to be some €20 million.
“I am extremely pleased that an investor made an offer that compliments Rosenthal perfectly,” Böhm said, adding that Sambonet is a successful and innovative international company that will be a chance for Rosenthal to start anew.
Based in Selb, lengthy negotiations for the company’s takeover were aided by the Bavarian Economy Minister Martin Zeil.
The deal was signed in early July but didn’t go into effect until this weekend when principal creditor Bank of America approved loan collateral.
With €100 million in debt, Rosenthal declared insolvency in January, just days after parent company Waterford Wedgwood did the same.
“The turnaround and integration of Rosenthal still requires lots of work, but we are confident and proud to be shaping the new beginning for Rosenthal,” Sambonet head Pierluigi Coppo said.
Rosenthal was founded in 1879 by Philip Rosenthal.