m + s electronics
| m + s Electronics AG | |
|---|---|
| legal form | Corporation |
| ISIN | DE0006617400 |
| founding | 1974 |
| Seat | Niedernberg , Germany |
| Branch | IT service |
The m + s Elektronik AG was a German IT service provider based in Niedernberg , Bavaria . In 2001 the company employed around 1,900 people at 40 locations and was Germany's second largest IT system house with a turnover of almost 670 million euros. In the 2000/01 business year, a loss of 24.3 million euros was reported for the first time in the company's history.
On March 1, 2002, the insolvency proceedings applied for on December 21, 2001 regarding the assets of m + s Elektronik AG were opened. The decline of the company due to the sudden termination of business loans despite positive reports and a good order situation resulted in extensive media reports, including an episode of the WDR series die story entitled “Bank Secrets” and broadcast several times on German television to this day. The TV documentary was awarded the Ernst Schneider IHK media prize in 2006.
At the 2005 Annual General Meeting, Hans-Ulrich Mahr was elected to the board in the absence of the insolvency administrator.
The Aschaffenburg District Court set April 27, 2017 as the final date in the insolvency proceedings for the assets of m + s Elektronik AG, Niedernberg.
Group of companies
In 2000 the group of companies consisted of the following individual companies:
- m + s Elektronik AG Consulting
- m + s EDV Service GmbH & Co. KG
- Syscotec Computer GmbH
- Mainstor GmbH
- DRV Dr. Böhmer GmbH
- PROFI Engineering Systems AG
- PANTHUS Leasing GmbH
Company history
The m + s company was founded in the mid-1970s by Hans-Ulrich Mahr and Theodor Stripp in Theodor Stripp's converted garage.
On February 29, 2000, DG Bank brought the company to the Neuer Markt . The funds raised from the 21 times oversubscribed IPO were used for acquisitions and a total of six companies were taken over. Including DGW Datennetze GmbH , an IT service provider that emerged from the former VEB data processing of the financial organs of the GDR and was privatized in 1992.
As a result of wrong decisions and mismanagement in the company, an operating loss before taxes of at least 30 million euros was announced instead of a balanced result. With reference to this, the DG Bank canceled the unsecured credit line of approx. 7 million euros on May 2, 2001, while the company account with the bank had a balance of almost 30,000 euros. The step of DG Bank was u. a. strongly criticized by the Bavarian Minister of Economic Affairs Otto Wiesheu with reference to the income from the DG Bank's IPO. After the owners were not ready to take over DG Bank's stake and it was not possible to close the financing gap, the other six banks also canceled the credit line in the same amount. The financing gap could have been closed with the help of the BdW and experts commissioned by Deutsche Bank confirmed a short to medium-term earnings improvement potential of almost 66 million euros, but the owners and banks could no longer agree and so the company had to go to December 21, 2001 the District court Aschaffenburg request the opening of insolvency proceedings due to threatening illiquidity.
The subsidiary m + s EDV Service GmbH with 200 employees was bought and continued by a subsidiary of Combase AG , the Darmstadt-based PROFI Engineering Systems AG was separated through a management buyout.
Individual evidence
- ↑ heise.de: IT system houses are growing in Germany. July 22, 2000. Retrieved May 25, 2012 .
- ↑ computerwoche.de: The second largest German system house has taken over with an expansion strategy. (No longer available online.) January 11, 2002, archived from the original on August 27, 2011 ; Retrieved May 4, 2012 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ The story: prizes and awards. (No longer available online.) May 4, 2012, archived from the original on June 26, 2008 ; Retrieved November 17, 2016 .
- ↑ channelpartner.de: Insolvent m + s Elektronik: Founder Mahr goes on the offensive. (No longer available online.) September 19, 2005, formerly in the original ; Retrieved May 4, 2012 . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Michael Freitag: Burial of a medium-sized company In: Handelsblatt No. 194, 2003, p. 10.
- ↑ heise.de: M + S: Services division sold - bad prospects for the rest [update]. February 28, 2002, accessed May 25, 2012 .
