German inverter manufacturer Platinum has filed for insolvency, in a further sign of consolidation in the market.
The company blamed “fierce price wars” and a “lacklustre” market for the move.
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Preliminary insolvency administrator Holger Leichtle, from the law firm Schultze & Braun in Ravensburg, stressed that the company was able to fulfil orders.
“Despite this setback, ongoing operation has been safeguarded as well as the parts supply and delivery programme for customers,” he said, adding that the company would continue to take and process orders as normal.
The company also said that its 70 employees’ salaries were safeguarded for the immediate future, in line German insolvency law, and that there were no plans to cut any jobs.
Platinium will now explore merger and acquisition opportunites to ensure its future.
“The high quality of the products, coupled with the extensive expertise and many years of practical experience the employees offer, provide a very solid foundation for ensuring that business succeeds in future endeavours,” claimed Leichtle.
Two top ten inverter manufacturers announced merger plans last month. The world’s largest inverter firm SMA revealed it would acquire the inverter business of Danish industrial firm Danfoss. The deal is worth 302 million (US$415 million).
Platinum was transferred to the Mutares AG industrial holding company by Diehls Controls in April 2013.
Diehls continues to provide components for Platinum.
