ANOTHER traditional German company has gone bankrupt. After 200 years of existence, Schumag AG became insolvent, and the bankruptcy left hundreds of workers in limbo.
The company Schumag AG specializes in precision technology and is known for its “Made in Germany” products. They make precision parts from 0.3 to 60 millimeters in diameter that are made of stainless steel and non-ferrous metals and are an absolute must for many industries.
They supply the motor vehicle industry, medical technology and device technology, and are known for the highest quality, Feniks magazine writes, adding that the company achieves its highest sales on international markets.
Despite the financial difficulties, Schumag AG did not recover from the additional blow.
Photo: Profimedia
German media reports that on September 22, unknown persons attacked their corporate network and hacked all data, so now the restructuring plans have become invalid. The management of Schumag therefore submitted a request for independent insolvency management to the competent district court in Aachen.
The workers will be paid their salaries for the next three months, reports Feniks magazine.
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Source: www.novosti.rs
