Bankrupt Swiss cladding firm is bought by TSK Troester Group.
Schmidlin Facade Technology, the Swiss cladding company that went bankrupt on February 22, has been bought by the TSK Troester Group.
The new company will operate under the name Schmidlin TSK and its Swiss factory will restart design and production activities on current contracts from Monday March 20.
Schmidlin UK, the company's British division, was not in receivership and has not yet been acquired by TSK Troester, although MD Mike Hollis said he expected the purchase to take place soon.
"We very much expect that Schmidlin will be put back together as it was," he said.
"Mr Troester has said that, having acquired the centre, he intends to deal with the rest of the business. I expect due diligence to begin next week.
"I am pleased that production is to restart soon."
TSK Troester is a global group comprising approximately 50 companies in the fields of structural systems, raised access floors, airport technologies and exhibition systems, under the name of Mero TSK, as well as direct suppliers to the automobile, rail, aircraft and electrical industries, under the name TSK Troester.
Schmidlin UK is supplying cladding to major British projects including British Land's Lime Street, More London on the South Bank, Heathrow Terminal 5, Bovis Lend Lease's Aldermanbury Square and Westfield's White City, which is being built by Multiplex.