Teufelberger division

Packaging specialist goes bankrupt for millions

The Teufelberger headquarters in Vogelweiderstraße in Wels is also home to the company affected by the insolvency, which manufactures packaging tapes that are also used in the timber industry.

(Bild: Krone KREATIV, Teufelberger, stock.adobe.com)

Countermeasures had been taken, money had been injected, but the problems continued to escalate. "We became insolvent around four weeks ago," says Florian Teufelberger, who filed for insolvency for the packaging tapes division of the company of the same name on Thursday. 186 employees work in Wels in the division of the well-known rope manufacturer. Amount of debt: over eight million euros.

On Tuesday afternoon, company boss Florian Teufelberger and the management of the strapping solutions division informed the employees of the impending insolvency. On Thursday morning, the application for restructuring proceedings without self-administration was submitted to the regional court in Wels.

Late in the afternoon, the figures for Teufelberger GmbH, which is home to the production of the packaging straps, were also presented. According to the restructuring application, the liabilities amount to around 8.3 million euros, the Kreditschutzverband von 1870 (Credit Protection Association of 1870) announced. However, it appears that the liabilities known to date are only the trade receivables. The total liabilities could therefore be higher, it said.

20 jobs lost last year
Going to the insolvency court is the result of a development over the last few years, explains Teufelberger. "We have also been actively taking steps to address the situation for some time," says the manager, who is the seventh generation to run the family business. For example, the workforce was reduced by 20 employees in the 2024/25 financial year. "A combination of not filling vacancies and actual redundancies," says Teufelberger.

The fiber rope and steel wire rope divisions are not affected by this process in any way. They are economically stable.

Florian Teufelberger

The holding company injected money in November. At the same time, the company's internal structures were improved so that it could operate in better coordination with the company in Poland, which was taken over in April 2022, and resources could be better utilized.

What led to the insolvency? "Customers built up their warehouses in the first coronavirus phase and then went into a phase with full warehouses in which they needed less overall," says Teufelberger, describing the consequences of the slump in demand. There was also overcapacity on the market, which put additional pressure on prices.

January wages and salaries no longer paid
Since November, however, the company has registered an increase in orders for packaging tapes, for which 186 employees work in Wels. Teufelberger GmbH was no longer able to pay their January salaries and wages. These will now be covered by the insolvency compensation fund. Martin Stossier has been appointed as restructuring administrator.