Ganz Transformers and Electric Rotating Machines Ltd. purchased the Ganz factory in Tápiószele and the related assets in the framework of a public auction. Thus, the company will soon be able to support the activities of the plant with a long history as an owner. The company has been operating the plant as a tenant since September 2020, after liquidation proceedings were initiated in July last year against the former owner of the plant, CG Electric Systems Hungary Zrt.
The Ganz plant in Tápiószele may soon become Hungarian property again, after Ganz Transformers and Electric Rotating Machines Ltd., within the framework of a public auction, placed a winning bid for the assets of CG Electric Systems Hungary Zrt., currently in liquidation. The auction was announced on 27 August by the appointed liquidator, Nemzeti Reorganizációs Nonprofit Kft.
Jan Prins, Chief Executive Officer of Ganz Transformers and Electric Rotating Machines Ltd. said it is of great importance that after more than 15 years, the factory buildings of Ganz dating back to the historical past can once again be in Hungarian hands.
The plant was owned by the Indian-based Crompton Greaves group from 2006 to 2020. Due to the increasingly difficult economic situation, the fraud case at the parent company and the economic effects of the coronavirus, liquidation proceedings were initiated in July 2020 in connection with CG Electric Systems Hungary Zrt. The company was subsequently declared a strategically important business organization by a government decree, thus providing special protection for the company in bankruptcy and liquidation proceedings.
Ganz Transformers and Electric Rotating Machines Ltd. protected the jobs of more than 200 former employees in the region by restarting production in September 2020 as a tenant of the plant, and then signing new employment contracts with the former employees. The Hungarian-owned company remains committed to providing the Ganz plant with a stable financing and production background of more than 140 years, restoring customer and supplier relationships, and strengthening the Ganz brand domestically and internationally in the medium term.
Jan Prins says the company can now pay even more attention to achieving business goals. The recently appointed CEO added that, keeping in mind tradition and innovation, the plant will strive to boost export activities and to flourish the Ganz brand internationally.