Loewe finds new acquisition partner after failed rescue

The German television manufacturer Loewe continues to exist, investment company Stargate Capital has taken over the company. An earlier attempt to rescue the TV maker failed because the group of interested investors failed to get the financing in order.

Stargate Capital takes over the entire company and continues production, but 95 of the 525 jobs will disappear, reports the Süddeutsche Zeitung. Jobs are mainly being cut in the production department of the company. There would be no plans to move production out of Germany; Loewe still produces all TVs in its home country today. The price of the acquisition has not been disclosed but is reported to be around ten million euros.

Loewe applied for a deferment of payment in July last year, followed in October for the bankruptcy of the TV maker. The company has not made a profit for three years and is mainly affected by competition from Asian companies. In January, it was announced that a group of investors, made up of family entrepreneurs and ex-Apple and Bang & Olufsen executives, would take over the company. However, they did not get the financing, so the takeover could not go through.