Creditors have approved Tadano Demag and Tadano Faun’s reorganisation plan, meaning the group can continue with the operational restructuring measures.
As HLPFI reported here, the restructuring plan was submitted to the Zweibrücken District Court on December 23, with both companies entering protective shield proceedings at the beginning of January 2021. Tadano Demag and Tadano Faun will exit protective shield proceedings by the end of the first quarter of 2021.
The reorganisation plan features a broad range of actions that extend across all areas in the company, said Tadano. The integration is expected to speed up the standardisation and optimisation processes for certain production operations.
Tadano added that the process has involved “an unavoidable personal reduction that affected both locations”.
A key measure in the reorganisation plan is updating the company’s product portfolio; the manufacturer said that customers will have access to a significantly wider and more comprehensive product portfolio and a series of new products will be launched in the next few months.
Jens Ennen, ceo of Tadano Demag and Tadano Faun, said: “We have established the roadmap for the future in these protective shield proceedings, the successful conclusion of the proceedings is imminent and we will continue quickly and efficiently along the path we have chosen.”