139-Year-Old German Battery Giant Varta Files for Insolvency

Germany's venerable battery manufacturer Varta has filed for insolvency, with the application covering four of its companies. Varta, with its 139-year history, is a well-known brand in Turkey as well, and is seeking restructuring. According to a report, the applications, which include Varta AG, Varta Microbattery GmbH, Varta Micro Production GmbH, and Varta Storage GmbH, were submitted to the local court in Stuttgart. The court's decision will determine the future of the company's restructuring process. Varta emphasized that the insolvency application does not mean the end of its operations. The company plans to restructure its debts and make its operations sustainable under a provisional self-administration model supervised by the court. The company's management will continue to operate, and employees' salaries will also continue to be paid. Varta's profitable household battery business is excluded from the insolvency process. Varta had previously announced that it would stop production at its Nördlingen facility in May and cut around 350 jobs. Founded in Hagen, Germany in 1887, Varta is one of Europe's oldest battery and battery manufacturers, employing around 3,260 people across a wide range of products, from household batteries to hearing aid batteries, energy storage systems, and automotive batteries.