Tadano Ltd. announced today the start of a strategic restructuring program for its two German subsidiaries, Tadano Demag GmbH and Tadano Faun GmbH, the core companies of Tadano’s European Operations. The development of the restructuring plan is scheduled to take three months and both companies will further enhance their capacity to serve the needs of customers in Germany, in Europe and globally. This will maximize Tadano Demag’s and Tadano Faun’s value for the Tadano Group as a whole, create stronger “One Tadano” group synergies, and make further contributions toward achieving the Tadano Group’s goal of becoming a global leader in the lifting equipment industry.
In light of the ongoing economic challenges accelerated by the Covid-19 crisis, Tadano Demag and Tadano Faun have decided, in close consultation with Tadano Ltd. and with professional advisors, to file for Protective Shield Proceedings that is a German judicial restructuring procedure, which provides companies in distress with a chance to stabilize their business while staying in control of their operations. During Protective Shield Proceedings companies draw up a dedicated restructuring plan with some temporary regulations coming into effect to make it easier for companies to reorganize.
Following the Tadano Group’s strategic acquisition of Demag Mobile Cranes in 2019, integration initiatives within Tadano’s European and global operations continue to take place. The initiated Protective Shield Proceedings will ultimately accelerate and facilitate more effective integration.
Production at Tadano Demag and at Tadano Faun in Germany is ongoing and all existing and new orders are being fulfilled.