BENPAC UPDATE

February 1st, 2021, the company Grenacher Beteiligungen AG was taken under liquidation by the Handelsregisteramt in the Kantons Aargau. The company was established in the last quarter of 2016, under the name Benpac Group - and yes, established and owned by Marco Corvi.

Last week, Heidelberger Druckmaschinen announced that Benpac Holding didn't pay the 120 million euros agreed to Gallus and Heidelberg Narrow Web's acquisition, and the apparent financial problems of the benpac companies have led to the liquidation of Grenacher Beteiligungen AG. Still, constant unconfirmed rumors also tell that salaries for the benpac companies in Stans and St. Gallen hasn't been paid - or at least not to all employees.

For employees, the Swiss regulations are relatively straightforward and can be read in German here.

When Marco Corvi "saved" 40 Gallus jobs in late 2019, and founded the company Benpac Maschinenbau, the intentions, according to Tagblatt, wasn't to be a sub-contractor to Gallus. Still, it seems to be the situation as of now.

If Benpac Maschinenbau goes out of business, the effect of Gallus is unknown. Time will tell how the situation will develop and how the Benpac companies can continue being a sub-contractor to Heidelberger Druckmaschinen/Gallus if Heidelberger Druckmaschinen "assert its rights" and sues Benpac for the failed acquisition.

Feb 04, 2021

Author: Morten B. Reitoft