Ruia Brothers rescue Gumasol from bankruptcy

ERJ staff report (DS)

Mannhein, Germany -- Following an insolvency announcement last November, Gumasol Werke has been acquired by Indian conglomerate, Ruia Group.

Gumasol -Werke was founded in 1946 as the subsidiary of the well-established company

from Landau, Gummi-Mayer. The relocation to Germersheim took place two years later.

There, Gumasol -Werke firstly produced solid rubber tyres, rubber compounds and rubber-metal

joints. The company has 110 employees.

Last November the company applied to become insolvent, and the formal proceedings opened in March 2010. The company has since been operating under insolvency administrator Martin Wiedemann from the Mannheim office of Ernestus solicitors/insolvency administrators. The administrators did not reduce employment and were able to negotiate a sale to Ruia Group.

The successful renovation became possible in particular through the trustworthy cooperation

with the works council and the employees and through the loyalty of the Gumasol customers.

"Without the loyalty of the customers and the support of the employees, this renovation

would surely not have been possible," says Martin Wiedemann.

insolvency administrator Wiedemann said, "The Ruia Group made it clear during

the negotiations that they want to carry on with production in Gemersheim and that they are

also considering accepting new product lines in Germersheim. With the Ruia Group, a new

owner is clearly on board the Gumasol -Werke who wishes to develop the location further,"

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Press release from Ernestus (German language)