VanHool has gone bust - Coach division to be acquired by VDL

devnull

Premium Coach manufacturer VanHool has gone bust and has been acquired by fellow coach manufacturer VDL

https://www.route-one.net/news/van-hool-declared-bankrupt-vdl-to-take-coach-and-bus-activities

Van Hool has been declared bankrupt by the Commercial Court of Mechelen and its coach and bus activities are set to be purchased by VDL Groep, it has been confirmed.

The news brings an end to weeks of intense speculation around the future of the Belgian manufacturer, which in March published a recovery plan in recognition of its difficulties. Progress on implementing that quickly faltered owing to internal difficulties, and in early April the business announced that it was taking a further week to secure its future.

Bankruptcy was declared on 8 April and the Court appointed four trustees to oversee that formal process. It had been suggested that Van Hool was carrying debt of around €400 million.

In a sombre statement, Van Hool acknowledges that with bankruptcy “an end comes to a leading company in the Flemish manufacturing industry.” It has again highlighted difficulties in securing its future created by “an inheritance dispute” involving shareholders and members of the Van Hool family.

VDL Groep has submitted a binding offer for the Van Hool coach and bus activities. A definitive agreement will be entered into via “a very short timeframe,” Van Hool says. Its trailer activities will be purchased by GRW, competence partner of Schmitz Cargobull, on the same basis.

Hopes remain that under new ownership, operations at Van Hool can restart quickly, although only between 650 and 950 employees are expected to transfer. Headcount was around 2,500 prior to the difficulties, although the recovery plan had called for 1,100 jobs to be shed by 2027.

Further clarity on the future will be provided by the purchasers over the coming weeks. It is not yet clear whether coaches will continue to be manufactured in Belgium and/or North Macedonia under new ownership, or whether the Van Hool name will be retained. VDL says that the conditions of its offer must be met before any further information can be shared.

In a statement after it was declared bankrupt, Van Hool says that sale of the business to VDL and GRW represents “the best achievable outcome for all parties involved, although unfortunately, many employees will have to seek employment elsewhere.”

Early in 2024, Mark Zwaaneveld was appointed Co-CEO alongside longstanding chief Filip Van Hool with a remit to secure the business’s future.

Speaking about the bankruptcy, Mr Zwaaneveld says: “Both VDL Groep and GRW made it clear in their acquisition bids that they highly value the expertise and experience of Van Hool and its employees in the field of buses, coaches, and industrial vehicles.

“We are pleased that these two strong international companies will each integrate a part of the Van Hool Group. In the initial phase, employment is foreseen for between 650 and 950 employees, a workforce that can grow in the long-term. Exact number will be announced in the coming weeks by the two acquirers.”

ULEZ23

feels like this is one for bus enthusiasts sub forum and not the main forum as can’t seeing it impacting “commuting and transport” especially as the company will likely continue on

bk

https://www.boards.ie/discussion/comment/121998664#Comment_121998664

MOD: This is back seat modding, which is very much against the rules

bk

BTW Apparently the VDL takeover offer hasn't been accepted yet and there are other bidders now too.

https://www.sustainable-bus.com/news/van-hool-bankruptcy/

mikeybhoy

Didn't know they made trailers aswell until I noticed their logo on a Guiness tanker recently