IBH Holding
The IBH-Holding was a German construction machinery company based in Mainz , founded in 1975 by Horst-Dieter Esch and, after a phase of very high growth rates , spectacularly insolvent on November 4th 1983 .
Foundation phase
Esch, who has been employed as Sales Manager Europe for the British Blackwood-Hodge since 1973, speculated there with credit-financed shares of his employer Blackwood-Hodge and thus achieved a price gain of 1 million DM.
In July 1975 he founded the IBH Holding with his profit , for which Esch has since acquired ailing medium-sized construction machinery manufacturers and financed the company acquisition with bank loans from the private bank Schröder, Münchmeyer, Hengst & Co. (SMH). The purchase prices were low due to the poor situation of the company, often it came to symbolize the price of 1 DM. For IBH concept included the purchase of competitors to discuss increased market share the market power to increase. The first company was the Zettelmeyer machine factory , rich in tradition, in August 1975 , which he was able to acquire with the help of a state guarantee from Rhineland-Palatinate amounting to DM 8.5 million. This was followed in 1976 by Duomat , Maschinenfabrik Hamm AG (January 1978) and Hermann Lanz KG (1978), British Hymac Ltd. (1978), at the beginning of 1979 IBH acquired three French companies.
Expansion phase
In October 1979 Esch came into contact with Ferdinand-Josef Graf von Galen , the 40% co-owner of the SMH bank. This then financed the company acquisitions of IBH-Holding, which in April 1980 acquired the concrete pump and asphalt machine manufacturer "Wibau Maschinenfabrik Hartmann AG", which 83.33% belonged to SMH-Bank. The IBH took over this share, in return the SMH got a 7.4% stake in the IBH. From now on, SMH acted as the main house bank . In the “Wibau” case, the merger could only be enforced through ministerial approval due to antitrust concerns . With a group turnover of DM 783.6 million and 7,180 employees, IBH was one of the ten largest construction machinery groups in the world in 1980. IBH also acquired Hanomag in February 1980 and thereby rose to become third in the world after Caterpillar and Komatsu with sales of DM 2.5 billion and 15,000 employees. With the takeover of the Terex Division (construction machinery activities of General Motors ) in January 1981, IBH finally moved up into the top group in 1981. The British Powell Duffryn (1978; 23.1%), General Motors (January 1981; in a share swap for Terex; 13.6%), Deutsche Babcock AG (July 1982; 10.1%) and others participated in IBH the Saudi Sheikh Saleh Abdullah Kamel , so that in 1982 Esch only held 9% of his company.
Corporate crisis
The ongoing crisis in the construction industry and the associated construction machinery manufacturers also hit the IBH Holding. In addition, internal reasons intensified the increasing corporate crisis in the IBH group. Fundamental restructuring and rapid integration of the acquired companies were not carried out consistently enough, and potential synergies were hardly realized. In 1982 the IBH group had to cope with losses of DM 212 million. The IBH subsidiary Wibau had to file for bankruptcy in November 1983 because of the improved balance sheets . The IBH loan volume at the SMH-Bank totaled 898 million DM in November 1983. The SMH-Bank, under the direction of Count von Galen, had to classify its loans to the IBH as being at risk of default when its borrower IBH-Holding collapsed in November 1983 . This loan volume reached eight times the equity capital of the SMH bank, which had bypassed the large loan regulations because the IBH loans of the Luxembourg SMH subsidiary (DM 473 million) did not have to be included in large loans due to a legal loophole. The over-indebtedness when IBH-Holding collapsed amounted to around DM 1 billion. While Esch was sentenced by the Koblenz Regional Court in November 1984 to 6 ½ years in prison and a DM 90,000 fine for fraud, embezzlement and bankruptcy, and after 4 years in prison in July 1989 was released, received 3 years and 9 months imprisonment by Galen.
As a result, the SMH Bank also got into a crisis, 20 German banks jointly undertook a rescue operation in November 1983. The crisis was the second largest banking crisis in Germany after the insolvency of the Herstatt Bank .
Group companies of the IBH group (if not mentioned in the text)
The IBH group included the following companies:
See also
Individual evidence
- ↑ Industrie-Anzeiger, Volume 97, issues 79-88, 1975, p. 17
- ↑ DER SPIEGEL 3/1986 of January 13, 1986, In the past people would have shot oneself , p. 126 ff.
- ↑ Esch paid the purchase price of DM 700,000 himself
- ↑ DER SPIEGEL 48/1983 of November 28, 1983, Mal hinterhaken , p. 115 f.
- ↑ Udo Lorenz: Economic miracle and bankruptcy of millions: The IBH case . stern.de. November 24, 2003. Archived from the original on December 4, 2014. Retrieved November 27, 2014.
- ↑ Ministerial approval granted six times so far . February 19, 2002. Retrieved November 27, 2014.
- ↑ FAZ of December 14, 1983, comparative quota could not be achieved
- ↑ Handelsblatt, Competition and Trade Regulation , Volume 32, Issues 1-6, 1982, p. 163
- ↑ Süddeutsche.de of May 17, 2010, Machines and Girls
- ↑ Wirtschaftswoche of March 6, 2013, Die Deutschland AG
- ↑ DER SPIEGEL 14/1984 of April 2, 1984, Simply added , p. 60
- ↑ DER SPIEGEL 46/1984 of November 14, 1983, You have to have a feel for banking , p. 124 f.
- ↑ DER SPIEGEL 40/14989 of October 2, 1989, formally correct , p. 145