The photo industry heaves a sigh of relief: NEW TETENAL is formally the owner of the iconic photo chemistry manufacturer, Tetenal
The employee-led initiative takes over the assets, formulations, certifications and trademark rights of the insolvent Tetenal Europe GmbH While classic products will continue to be produced, there are plans to introduce new products and new brands
What began as a hopeful dream in a situation of crisis is now a joyful reality.The ex-employees of the insolvent Tetenal Europe GmbH have taken over from their previous employers.say the management team of the NEW TETENAL consisting of Stefania Grimme, Carsten Gehring, Burkhardt Mueller and Norbert Koester-Beestermoeller.
After the successful conclusion of the contract negotiations with the insolvency administrator, Dr. Sven-Holger Undritz, of the law firm White & Case, the employee-led initiative now owns the production machines, formulations, certifications, the TETENAL trademark rights as well as the know-how from 172 years of analogue photochemical production which are essential prerequisites for a successful restart. As of April 1, 2019, the new company, under the leadership of the MBO team (management buy-out), will commence operations from its established facilities in Norderstedt.
The final production for the insolvent Tetenal on behalf of the insolvency administration leaves the factory at the end of March. Production by NEW TETENAL will commence seamlessly on April 1st. “We want to enable a smooth supply to current and new customers with our TETENAL branded products through our start-up company as efficiently as possible”, emphasizes Stefania Grimme.
Her colleagues Carsten Gehring and Burkhardt Mueller add: “We are highly motivated to provide a strong anchor in the return to analogue techniques in photochemistry and want to say thank you to our customers, suppliers, friends and supporters for their broad support – and of course to the GRANTIRO initiative, without which we would not have had the courage to reinvent ourselves.“
“The order books are filling up into the summer, although we have not yet started.We will do our utmost to live up to the expectations and to be able to deliver many products again in April” says Norbert Koester-Beestermoeller and adds: “Sure, there can still be a bit of a hiccup here and there, and I hope we will master the challenges together with our customers and suppliers.”
The formalities of the set-up of the new company have been completed. The new company will be called “TETENAL 1847 GmbH” – subject to the approval of the court registers.
We have chosen this as as the core of our brand, to reflect the preservation of the 172 years of unique photochemistry formulary and our responsibility into the futuresays a visibly pleased Carsten Gehring, who will lead sales together with his colleague Norbert Koester-Beestermoeller
The former subsidiaries of Tetenal in the United Kingdom, France and Poland were not affected by the bankruptcy in Germany and will continue to market products produced in Germany by TETENAL 1847exclusively in their markets.
Over the course of the insolvency of Tetenal Europe GmbH, industry experts have pointed out that the Company is system critical to the stability of the global analogue photographic industry. Despite all the adversities and upheavals of the past few months, the TETENAL brand and its products as well as the know-how from 172 years are now secured for the future.
About WHITE & CASE
White & Case is one of the world’s leading law firms and is present in the key economic centers of the world at 44 locations in 30 countries. In Germany, there are around 200 lawyers, tax consultants and notaries in Berlin, Dusseldorf, Frankfurt am Main and Hamburg (www.whitecase.com). For more than 30 years, the firm has one of the most respected insolvency and restructuring practices in Germany (www.whitecaseinso.de).
TETENAL (www.tetenal.de), founded in 1847, is one of the co-inventors of modern photochemistry. The company underwent several restructurings after the turn of the millennium and has been in bankruptcy since September 2018.
About NEW TETENAL
NEW TETENAL (www.new-tetenal.de) is an initiative led by the ex-employees of Tetenal
Under the name GRANTIRO (www.grantiro.at), partners have joined forces to form a Social Impact Organization to help companies and organizations in meeting specific challenges. Particular emphasis is placed on companies that are well positioned in the core, with motivated employees, (still) operating economically and whose existing business foundation is threatened by digitization and transformation.