Varta

The Stuttgart public prosecutor suspects two men of using confidential information about problems at Varta between December 2023 and April 2024 and speculating on a price crash with derivatives. One of the accused previously ran a German investment company; the other is an Austrian entrepreneur with business ties to Michael Tojner. Shortly after a positive quarterly report at the end of 2023, February 2024 saw hacker attacks, delays in the annual report and finally the disclosure of massive problems, a restructuring, a reduction of capital to zero and filings for insolvency. » More on wiwo.de

The Federal Ministry for Economic Affairs approved the spin-off of the household-batteries division from the insolvent Varta Group. The new Varta Consumer Batteries will retain around 990 employees and plans further investments at the Dischingen production site. Main financiers supported the transfer into an independent holding; the company expects annual revenue growth of 3–4 percent through 2029 and is targeting growth mainly in Europe as well as in markets in South America, Asia and Canada. » More on t-online.de

The commercially successful consumer business of insolvent Varta will be continued as an independent company after approval by the German Ministry for Economic Affairs. The spin-off is intended to secure around 990 jobs; staff reductions are not planned. Creditors and the main financier support the transaction; the new company plans investments in Dischingen and expects annual revenue growth of three to four percent through 2029, primarily in Europe as well as parts of Asia and South America. » More on kurier.at