The former owners of Blowtec will defend any unjustified claims regarding the sale

Switzerland’s SIG Holdings has issued a robust response to news reports that Adcuram Beteiligungs wants to cancel its purchase of SIG subsidiary Blowtec.

SIG Blowtec, the Troisdorf-based blow moulding machinery manufacturer, applied for insolvency on 7 July. Local newspaper Bonner General Anzeiger reported that Adcuram wanted to annul the purchase agreement having seen the poor financial situation at SIG Blowtec. The company had a turnover of E37m in 2003 and has been making losses for years, Adcuram is reported to have said.

SIG Holdings said yesterday in a statement it was “with considerable astonishment that SIG has taken note of the action and petition for insolvency filed by Blowtec”. German equity investor Adcuram acquired SIG Blowtec on 1 May, when it was divested together with the SIG Kautex extrusion blow moulding machinery maker. SIG Holding said they were sold for a modest price, reflecting the business risks related to this type of transaction.

SIG Holding said Adcuram possessed all relevant data and information required to assess the financial situation of the acquired companies and that it will “take all legal measures to defend the unjustified claims”. It added that Adcuram has not adhered to the agreement to merge the two machinery makers and that this was why Blowtec has had to file for insolvency proceedings. Approximately 125 jobs at SIG Blowtec are at risk.