The assumptions made there and the measures agreed on that basis are no longer suitable for returning to a profitable growth path by the end of 2026. The battery company now wants to review this concept.
The battery company Varta no longer considers its restructuring concept sufficient. The assumptions made there and the measures agreed on this basis with the majority of shareholders and financing banks are no longer suitable for returning to a profitable growth path by the end of 2026. The company announced on Thursday evening that this concept will be reconsidered.
Varta cited, among other things, a further deterioration in economic conditions for various business areas as reasons for the assessment. In addition, there is an unexpectedly significant decline in demand for energy storage solutions among end-consumers due to high retail inventories, aggressive pricing policies from competitors and ongoing supply chain issues.
Weeks of gridlock after cyber attack
In addition, the recent cyber attack led to a halt in production for several weeks and a further deterioration in the financial situation. The operational and financial consequences cannot yet be fully estimated and will, among other things, result in the postponement of the publication of the 2023 consolidated financial statements.
Investors reacted nervously. In an initial reaction, Varta shares lost three percent on the Tradegate trading platform. (APA/DPA-AFX)
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