In the future, Loewe will operate under the name of “Loewe GmbH”. The buyers’ concept includes that the production site in Kronach will be maintained. The parties agreed not to disclose the purchase price. The transfer of operations is to take place on 31 January 2014.

The agreement with the investor group also includes, for the time being, the takeover of roughly 270 employees including all of the trainees. Moreover, there is a chance that the investor will additionally take over the production in Kronach at a later date. Until then, site operations will be continued in their entirety by the current Loewe Opta GmbH without any staff cuts. This means that roughly 80% of currently still about 550 employees in Germany will remain employed for the time being. For approximately 120 employees who will not be taken over by the new owner, financing for a transfer company has successfully been secured. These employees are able to transfer to this company as of 1 February 2014, where they will receive training and help with finding a new job.

“The fact that we have managed to keep the Loewe brand in Germany is a great success,” Loewe AG’s chief representative Alfred Hagebusch says.

“And even though I deeply regret that the investors will not be able to take over all of the employees, under the circum-stances it is still good news that most of the jobs will remain intact.”

“Without the staff’s enormous commitment during the past months, we would not have been able to reach such a positive result,” Loewe chief executive Matthias Harsch adds.

“We are also highly grateful to the two administrators: with Siegfried Beck and Joachim Exner we had two administrators by our side who – with their extraordinary level of commitment in difficult times – made a highly significant contribution to Loewe’s successful restart.”