Veritas AG: Search for investor remains without result

According to the German trade union Industriegewerkschaft Bergbau, Chemie, EnergieVeritas AG went into administration for Poppe-Veritas Group in Germany on 30 April 2019, after having been unable to complete the search for a new investor within the envisaged time frame.

The insolvency affects around 3,000 employees in Germany and 4,400 employees worldwide. The negative development of the company results has set in during 2018 and 2019 already. In addition the Corona crisis has contributed the decline.

Current business operations will be maintained in the interest of the employees and the company’s business partners. After the search for a new investor, which has so far been without result, the insolvency proceedings will give the group the opportunity to continue on the path of sustainable restructuring and reorientation and to start a new investor process as a further restructuring option.

Veritas AG with its subsidiaries is part of the global Poppe-Veritas Group active throughout the entire world as development partner to the automotive industry with material and system competency for the fluid, thermo and sealing management of vehicles and as manufacturer of elastomer sealings and profiles for industrial applications. Veritas dates back to the „Berliner Gummiwaarenfabrik“ founded in 1849 by William Elliott. Following a number of mergers in the late 19th century, the company from 1929 operated as Veritas Gummiwerke AG and in 1999 changed its name to Veritas AG. It is the oldest rubber-processing company in Germany.