Germany: Drinking Glass Manufacturer Ritzenhoff Saved

After Ritzenhoff AG filed for self-administered insolvency in January (, 26.1.2024), the court-appointed general authorized representative has announced the successful outcome of extensive negotiations. "The restructuring of the German traditional company Ritzenhoff has been successful, and there is a future for many employees," said Dr. Martin Kaltwasser.

In a timely manner, the descendants of minority shareholder Robert Tönnies, co-owner of Germany's largest meat processing company, have reached an agreement on a transfer restructuring. This agreement paves the way for the renowned German manufacturer of drinking glasses to move forward.

Robert Tönnies invested in Ritzenhoff AG in autumn 2023 to support the owner family in the company's realignment. With the successful transfer restructuring, Tönnies' commitment has been fulfilled, enabling a fruitful partnership and a successful turnaround of the German traditional company.

Ritzenhoff will now operate as three separate entities: administrative staff will transition to RZT Group, while production, sales, logistics, and marketing staff will join RZT Glass. Those involved in refinement will work under RZT Decoration. Following the completion of the transaction, including the transfer of brands and naming rights, the RZT acquisition companies are planned to be renamed "Ritzenhoff."

With approval from the creditors' committee, banks, and employees, a purchase agreement is imminent. Pending approval from antitrust authorities and the creditors' meeting, the completion of the purchase agreement is expected at the end of April. This milestone not only signifies progress for the company but also instills optimism for glass production at the Marsberg site.

Carsten Schumacher, CEO of Ritzenhoff AG, expressed relief and praised the dedication of employees. He emphasized the potential of the purchase offer and accompanying transfer restructuring to ensure future viability, economic sustainability, and foster innovation and growth.

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