GERMANY - Alno AG’s insolvency administrator Prof. Dr. Martin Hörmann, has confirmed that an offer from Nobilia, Germany’s largest kitchen furniture manufacturer, for Pino Küchen was accepted on October 2, with the acquisition still subject to approval from the antitrust authorities.

Nobilia will take over the business, trademark rights and all 229 Pino employees.

Hörmann said the sale of Pino was the “first successful step” with production at the Coswig site expected to resume soon.

Hörmann reiterated that the main goal is still to reach a conclusion for Alno AG and Wellmann, which would see the continuation of the business and the retention of as many jobs as possible.

“I am very happy that we have found a strong and ideal partner for Pino and at the same time all jobs,” he said. “Therefore, the committed and qualified employees have good prospects.”

Since September 15 in the complex and extremely difficult insolvency proceedings at kitchen manufacturer Alno AG and its subsidiaries, Gustav Wellmann GmbH & Co. KG, pino Küchen GmbH as well as Alno Logistik & Service GmbH, the provisional insolvency administrator has been trying to find an investor solution as quickly as possible. Following the failure of numerous intensive talks held by the insolvency administrator and his team with the group's main customers and suppliers to find a short-term solution to financing business operations, the focus is now on the ongoing sales process.