VARTA AG's restructuring concept has cleared another formal hurdle: The boards of the Ellwangen-based technology company's financing banks have approved the agreed package of measures. VARTA had already reached an agreement with the banks on 24th March 2023. This agreement was, until now, still subject to the approval of the boards. VARTA is currently in the process of documenting the agreement reached in a corresponding stipulation with the banks. Among other things, the agreement provides for an extension of the financing until 31st December 2026 as well as changes to the credit conditions. Previously, VARTA had already raised around 51 million euros with a successful capital increase.
Dr Markus Hackstein, Speaker of the Executive Board of VARTA AG: "The restructuring will set VARTA AG up for a successful future. We know that we have the right products with which we can be successful. We have customers who value and trust us. We are also preparing further innovations that will make a difference. In the coming months, we will consistently implement the measures of the restructuring concept so that we can continue our growth story."
The restructuring programme includes targeted investments in growth areas. The area of energy storage systems is to be significantly expanded in view of the strong demand in the renewable energy market, and further growth in the area of large-format lithium-ion round cells is to be secured. In the area of small lithium-ion button cells (CoinPower), VARTA wants to broaden its customer base and open up new markets. The package of measures also includes an adjustment of production and structural costs, including cost savings in the personnel area. The company is already in contact with the employees’ representatives on this.