Lederfabrik Vogl GmbH ("Vogl") in Mattighofen, Upper Austria, has been manufacturing high-quality leather for more than 170 years. The company has grown from a small tannery to a leading international manufacturer of fine leather which is used mainly in the automotive industry. The company generates more than 80% of its sales from the automotive supply industry. The most important customers are Porsche and TRW.
The Project (Rent-a-CRO):
The crisis of the automobile industry in 2008 and 2009 led to declining profits and liquidity problems. In August 2010 Management Factory was therefore asked to develop a restructuring plan and provide a CFO. Following the unavoidable opening of bankruptcy proceedings, a rescue company was founded which was able to continue business operations seamlessly. Management Factory took on the function of managing director in the rescue company and supplied the operational CFO. The main tasks were to secure financing, find a strategic partner for the company and provide support for the sales negotiations. In January 2011 the company’s long-term survival was secured when it was sold to Prevent, an international car components supplier.