VDN United German Nickel Works
| VDN United German Nickel Works AG iL
|
|
|---|---|
 |
|
| legal form | Aktiengesellschaft i. L. |
| ISIN | DE0006455009 |
| founding | 1873 |
| Seat |
Dusseldorf , Germany
|
| management | Hans Peter Döhmen (board member) |
| Branch | Nickel production and other metallic products |
| Website |
|
VDN Vereinigte Deutsche Nickel-Werke AG (formerly Langbein-Pfanhauser Werke AG) is a listed company based in Düsseldorf, which filed for bankruptcy in 2005 and has been in liquidation since then .
VDN Vereinigte Deutsche Nickel-Werke AG was active in the four areas of Non-ferrous Metal Technology, Payment Systems, Home Decoration and Fastening Systems, each with a leading market position. In 2003, the last ordinary business year, the group had a turnover of 680 million euros.
origin
The company was founded in 1873 as Langbein-Pfanhauser Werke AG (LPW) in Leipzig with the business of electroplating. In 1950 the company headquarters were relocated to Neuss. In 1982 Langbein-Pfanhauser Werke AG was converted into a holding company with several associated companies. In 2001, Vereinigte Deutsche Nickel-Werke AG and DOAG Holding AG merged into LPW AG, which was then renamed VDN AG.
insolvency
In early 2004, it emerged that the group had suffered significant losses the previous year. This led to the resignation of the then CEO in March 2004. In August 2004, the group announced an operating loss of 64 million euros and an impairment loss of around 125 million euros, which led to an annual deficit of 189 million euros for 2003 and thus negative equity of 125 million euros .
In the course of a planned restructuring, VDN sold the subgroup Deutsche Nickel (which comprised the non-ferrous metal technology and payment systems divisions) to the British company DNick Limited in December 2004 . In return for the purchase, DNick had undertaken to provide liquidity in 2005, but announced in April 2005 that it would not make the payment. As a result, in May 2005 an application was made to the Cologne District Court to open insolvency proceedings. Since administration proceedings under English law were subsequently also opened via DNick, insolvency proceedings were opened in September 2005 and operational activities ceased.
The remaining assets of the VDN were successively sold by the insolvency administrator.
Individual evidence
- ↑ Documents for the 2004 Annual General Meeting ( Memento of November 22, 2010 in the Internet Archive ) (PDF; 737 kB)