Image: Kurt Parzmayr
The generator manufacturer Hitzinger in Linz, which went bankrupt in June 2023, has a new owner. The Techco Group from Korneuburg takes over the company and continues with 120 employees. In the future, Hitzinger will promote the development, design and production of synchronous generators for the railway industry, ship supply and hydroelectric power plants.
- Read on the topic: Bankruptcies: Upper Austria did well in a comparison of federal states
Liquidator Elisabeth Huber and Petra Wögerbauer from the Kreditschutzverband 1870 report that around 50 possible investors originally came forward or were contacted by Huber and the consulting firm PwC. Ultimately, there were eight specific bidders in the transaction process. TechCo remained as the best bidder.
“Now Hitzinger can have a good future”
Huber continued Hitzinger’s operations for eight months, which is an unusually long time in insolvency proceedings. “Now Hitzinger can have a good future,” says Huber. As reported, customers have provided continuation loss guarantees during this period to ensure continued product delivery. Huber reduced the number of employees from 170 to 150 through natural departures.
- Also read: 402 Upper Austrian companies filed for bankruptcy in 2023
The Techco group operates in the areas of electrical engineering and metal processing, is owned by Andreas Zwerger and Raovan Ivetic, has 270 employees and also has locations in the Czech Republic and Serbia.
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