EVO-tech has been producing and selling 3D printers for industry for ten years. As it became known on Wednesday, bankruptcy proceedings have now been opened at the Wels regional court. According to information in the insolvency application, the causes of the insolvency that have occurred are due to the current difficult economic situation and the declining sales development, report the creditor protectors from the Credit Protection Association of 1870 (KSV1870).
Most recently, orders are said to have fallen by 25 to 50 percent and negotiations with investors failed. According to company information, the export quota is 75 percent. The company’s customers included KTM, VW, Siemens, Greiner and Stiwa. In 2016 the company headquarters were relocated to Schörfling am Attersee.
Negative continuation forecast
The Alpine Creditors Association (AKV) says that the house bank had announced that it would no longer extend the working capital loan for the company and that the export credit should also be reduced. Furthermore, the company would receive repayments of around 300,000 euros from Covid subsidies next year. In conjunction with the already negative continuation forecast and the prospect that even higher losses would have been generated at the beginning of 2024, the application for bankruptcy was unavoidable, it is said.
There are said to be 104 creditors (excluding employees). The liabilities are currently estimated at around 1.8 million euros, the assets are at 449,000 euros. The company is currently still operating with a total of 17 employees (four of them at the Mönchengladbach location in Germany). Machines are still being delivered and services are being provided.
In an interview with OÖNachrichten, Markus Kaltenbrunner, co-founder and managing partner, refers primarily to the recession and the decline in investments by German companies. These make up the majority of the 3D printer developer’s business. There are also “disagreements among the shareholders,” which he did not want to comment on in more detail. Without this, EVO-tech would probably be a “typical restructuring case,” says Kaltenbrunner, who has been struggling with health problems since an accident two years ago. A rescue company is currently being planned.
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