State government welcomes hisense plans to acquire loewe

The bavarian state government supports the plans of the chinese technology group hisense to take over the insolvent TV producer loewe in kronach. This is the result of a meeting of leading hisense representatives, representatives of the state government and representatives of the region on thursday evening in munich, which was initiated by hans michelbach, a member of the bundestag from coburg-kronach.

"With hisense, loewe would not only get a financially, but also technologically potent new owner and the region a new impulse", michelbach said after the meeting. "Everything now depends on the right course being set at the next creditors’ meeting."

According to a press release from michelbach’s office, hisense vice president lan lin, who traveled from the company’s headquarters in qingdao especially for the meeting, explained that in the event of a takeover, his company wanted to preserve loewe as a traditional german company and market its premium products around the world. Production and delivery capability of loewe could be resumed within three months after a takeover. Around 100 employees are to be hired for this purpose.

Hisense also wants to develop the kronach site into an important research and development center for the group and is also seeking cooperation with bavarian universities and colleges to this end. The center is to develop new TV sets as a base station for smarthome solutions, but above all to build up research capacities for developments in the field of artificial intelligence. According to the hisense vice president, there are already negotiations with siemens in this area.

Hans michelbach appealed to the creditors’ meeting, which according to his information is to meet again on monday, to make a decision in favor of hisense. "The unique opportunity for kronach and bavaria as a business location must not be prevented for questionable motives.", emphasized michelbach. On thursday evening, he informed the insolvency administrator about the outcome of the talks with hisense and the state government. Still on friday morning, he also wanted to approach the shareholder of the main creditor riverrock, roland berger, and the chairman of the board of deutsche bank, christian sewing, again. Attempts to contact the riverrock investment fund in london have failed so far because

The riverrock management did not react.

"However, I have received signals via third parties that riverrock is seeking a sale to the cypriot financial investor skytec despite a significantly better hisense offer, which would mean the inevitable end for the TV location in kronach. This raises questions about the motivations", michelbach said. "The latest skytec offering was nothing more than a copy and paste of parts from an older hisense offering. All this looks like someone has a strong interest in favoring the financial investor skytec, which was registered in cyprus only three years ago. Skytech had never previously shown interest in maintaining the kronach site. There it was always only about the trademark rights. It would be completely incomprehensible if hisense’s better offer did not go through and the unique opportunity for new jobs was lost", said michelbach.

The conversation in munich was attended by the head of the state chancellery, florian herrmann, the member of parliament jurgen baumgartner and the second mayor angela hofmann, who represented the first mayor wolfgang beiergroblein, who was prevented from attending

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