German Manufacturer Kreisel Struggles to Continue Business Operations
Kreisel GmbH & Co. KG is an internationally operating plant manufacturer based in Krauschwitz. It now finds itself in difficult waters.
The company's current financial difficulties are primarily due to increased financing costs and a deterioration in earnings due to the consequences of the corona pandemic, the increase in raw material and energy prices, and a cyberattack. The latter had limited the company's ability to act for several weeks in the first quarter of 2024. The geopolitical crisis of recent years with wars and embargoes did the rest. Despite a generally good demand situation, it led to a weak economy and cautious investment decisions on the part of customers. Since the financial difficulties could not be remedied out of court despite the management's restructuring efforts, the management dutifully and logically filed for insolvency on November 19, 2024.
Incident Date
February 1, 2024
Location
Estimated Cost
Operations impacted for weeks; filed for insolvency
Victims
Type of Malware
Threat Source
References
- This is how Kreisel wants to get back on its feet
- Traditional conveyor system manufacturer in self-administration: KREISEL uses modern judicial restructuring to reposition itself
- What the remediation process means for the plant manufacturer
- Cyberattack on global plant manufacturer Kreisel in Krauschwitz
Industries
Impacts
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