Binding and punching machine manufacturer Renz, has filed for insolvency in Germany, however production operations will continue as the company works with administrators to restructure the business.
According to Renz Managing Director Raphael Barth, the company which currently employs 127 people, has had difficulties procuring components, together with increased labour, raw materials, and energy costs. In addition, there were significant sales losses and declines in orders due to external influences.
The financial circumstances were further exacerbated by reduced cash flow and delayed order placing.
