ATB Sold to Chinese Wolong Group
The Austrian ATB company, a former subsidiary of the insolvent A-Tec Group, goes to the Chinese engineering corporation Wolong.
A-Tec´s liquidator Matthias Schmidt today announced the sale of the engineering manufacturer ATB. The company is already sold and fully owned by Wolong. “Thus, we achieved an important step for the stability and the positive development of ATB.”, Schmidt commented. The quick decision has been essential, Schmidt adds.
For Schmidt, the selling price of ATB was “adequate, fair and positive for A-Tec´s creditors.” The offer of Wolong has been the best one, Schmidt explains.
Two weeks before, the sale of A-Tec failed. Wolong already announced to show interest, the offered price was € 100m. Now, observers expect that the new price is substantially lower than the first offer.