As of: April 7, 2024, 5:25 p.m
By: Mark Stoffers
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The wave of bankruptcies continues to roll through Germany. Now a heating specialist also had to file for bankruptcy. Three locations are affected by the process.
Augsburg – The wave of bankruptcies in Germany continues to spread. While the insolvency of a giant in the construction industry caused a real earthquake and the tense situation even led to 30 bankruptcies in one week, other sectors also have to accept repeated setbacks.
This is proven, among other things, by the bankruptcy of a German grocery chain. Almost under the radar was the news that a well-known manufacturer in the energy industry had been hit, which had to file for bankruptcy a few weeks ago.
Well-known manufacturer is insolvent: Windhager is a victim of Habeck's heating law
This refers to the company Windhager Zentralheiz GmbH, which has been insolvent since mid-March. The background to the application is the negative market development in Germany over the past year and a half. Windhager is a manufacturer of renewable energy boilers.
In recent years, the company has particularly specialized in pellet heating systems. But as a result of the Building Energy Act (GEG) or - also known as the Heating Act - from Economics Minister Robert Habeck (Greens), the order situation has apparently changed significantly due to the uncertainty of potential customers, so that the company's only option was to file for bankruptcy.
Heating manufacturer files for bankruptcy: Pellet heating specialist with three locations in Germany
Windhager Zentralheiz GmbH is responsible for sales and service business in Germany. The company is the German subsidiary of the Salzburg parent company Windhager, which has been in insolvency proceedings since the beginning of January 2024. While the Austrian parent has now found a solution, the 92 employees of the company, based in Gersthofen near Augsburg and locations in Bissendorf and Wiedemar (Saxony), are still waiting for a solution.
After the Austrian parent company, Windhager's German subsidiary now also has to go into insolvency proceedings. Three locations and 92 employees are affected. © Ashley Cooper/Imago
In 2022, the Austrian company generated record sales of 160 million euros with its German branches. Last year sales plummeted. Managing director Stefan Gubi told
Kurier
that the cause of the financial problems was the “extremely negative” market development of the past year and a half, in particular the sharp rise in pellet prices.
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Windhager files for bankruptcy in Germany: collapse due to heating law
The situation became dramatic in the summer of 2022 when the discussion arose in German politics as to whether wood was still worthy of support as a sustainable energy source or not. “After the record year of 2022 for renewable heating, the 'politicized' slump last year was all the more disappointing," explained the managing director of the German Energy Wood and Pellet Association, Martin Bentele, on the association's own homepage in February 2024. "Instead of further advancing the heating transition ", a lack of communication and coordination in the 'Heating Act' as well as the unreliable funding landscape have slowed down the market for climate-friendly heat and wood."
Meanwhile, the Salzburg parent company was taken over by the Austrian water treatment company Best Water Technology (BWT). A similar solution is not yet in sight at Windhager in Germany. On March 15, 2024, the insolvency court at the Augsburg district court ordered provisional insolvency administration over the assets of Windhager Zentralheiz GmbH and appointed Georg Jakob Stemshorn from Pluta Rechtsanwalts GmbH as provisional insolvency administrator.
Windhager files for bankruptcy in Germany: 92 employees affected
The renovation expert has already gained an overview on site. “The company’s business operations will continue. We are currently in discussions with everyone involved,” said Jakob Stemshorn back in March. The company's 92 employees, similar to the employees of a traditional company in Bavaria that recently filed for bankruptcy again, are now waiting to see what happens next. Your salaries are secured for three months via the insolvency benefit.
The provisional insolvency administrator will now hold discussions with the Austrian buyer and other companies in the industry in order to find an investor for the company. Stemshorn says: “We will start the investor process soon. The aim is to enable an investor solution for the German Windhager company.”