Herlitz makes progress (Herlitz holt nach Insolvenz wieder auf)
Herlitz, the German paper and stationery group which recently survived insolvency proceedings, succeeded in closing
2003 with profit on ordinary activity of 1.1m euros. Net losses amounted to 30.1m euros, while debts were reduced by 25m
euros.
Turnover was down at 346.6m euros from 376.2m euros compared with 2002. Herlitz entered troubled waters as a result
of risky property deals and major investments in Russia. The group, which cut another 180 jobs last year, now has 2,900
employees and does not intend to reduce its workforce any further. Management has revealed that it is seeking industrial
co-operation partners and that it is already holding negotiations with several candidates. Last month, the
company's creditor banks extended existing loans by one year. They control 67 per cent of Herlitz, which has just
founded a new distribution subsidiary that will also sell products of competitors.
Original article Norbert Schwaldt
Abstracted from Die Welt
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