Daimler Preiss deal to save Interglas Battice

German industrial group Daimler Preiss and Belgian reinforcement and filtration fabrics manufacturer Interglas Battice have reached agreement on the terms and conditions of a restructuring plan at Int…

German industrial group Daimler Preiss and Belgian reinforcement and filtration fabrics manufacturer Interglas Battice have reached agreement on the terms and conditions of a restructuring plan at Interglas Battice, saving the company from closure, it was reported on 16 September 2003. Interglas Battice, located in Verviers, eastern Belgium, is a former subsidiary of German optical fiber, insulation and coating products maker Interglas AG. Daimler Preiss agreed to include Interglas Battice in its offer to buy Interglas AG, thus saving both companies from bankruptcy. Daimler Preiss agreed on the terms of the buy offer to help Interglas AG and Interglas Battice repay debts of respectively EUR 34 million (USD 38.27 million) and EUR 4.4 million (USD 4.95 million). As a condition of the purchase, Daimler Preiss has asked Interglas Battice to cut 77 jobs. The workers laid-off will receive a severance payment of EUR 7,000 (USD 7,879) each. Some 80 workers who will continue to work for Interglas Battice after September 2003 have agreed to a 15% salary reduction and a salary freeze until September 2005. The production operations at Interglas Battice will resume immediately at half capacity, it was also reported on 16 September 2003.