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Plant manufacturer files for bankruptcy | DiePresse.com

Corona and the Ukraine war are the triggers for the insolvency of the plant manufacturer. The company should be continued. It’s about 350 jobs.

Graz. The plant manufacturer Christof Industries Austria with around 350 employees at the Wels, Graz, Vienna and Werndorf locations applied for restructuring proceedings with a 20 percent quota for the creditors at the Graz Regional Court on Friday. The reasons for the insolvency are the consequences of the corona pandemic and the war in Ukraine, according to a broadcast. The goal is to continue the business. There was no information on assets and liabilities for the time being.

Christof Industries – specializing in plant construction, industrial services and environmental technologies – filed for insolvency at the Commercial Court of Graz on Friday for its subsidiary Christof Industries Austria GmbH. This could be one of the larger bankruptcies this year in Styria.

“Massive delivery delays”

According to Christof, the reasons should lie in the effects of the corona pandemic and the war in Ukraine. During this period, “massive delivery delays and enormous price increases of sometimes 200 to 300 percent for primary materials” as well as energy and transport occurred. These could not be passed on or passed on in the calculation for ongoing projects and had an enormous impact on earnings and liquidity.

On the other hand, there were also massive payment delays, which could not be compensated even by the operationally very good business with full order books. Recent payment defaults and unpaid additional cost claims from just two projects have already reached a double-digit million euro amount, it said.

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The Christof-Austria-GmbH management is nevertheless optimistic, because due to the high R&D investments in recent years, the entire group of companies claims to have a leading position in the industry.

Investments were made in research into decarbonization technologies. Together with long-term business relationships based on partnership, this is the basis for the intended continuation of the company.

The company announced that this step by Christof Industries Austria GmbH was anything but easy. But: Instead of profit distributions, enormous investments have been made in research and development for sustainable, environmentally friendly technologies for phasing out the use of fossil fuels, according to Johann Christof, CEO of the Christof Industries group.

Group has 4000 employees

The family-run Christof Industries Austria GmbH generated sales of 138 million euros in 2021. The company is active in plant construction as well as in the development, maintenance and service of industrial plants and power plants. Customers include companies involved in the oil and gas, pulp and paper, chemical, automotive, food, power, metallurgy and building materials industries.

26 individual companies and subsidiaries with over 4000 employees in 16 countries operate under the umbrella brand Christof Industries. (APA)

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