Sovello is racing against the clock to secure a takeover offer or major investment in the next few weeks, otherwise it would likely need to shut down its entire production facility in Saxony-Anhalt and lay off its whole workforce.
Chief executive Reiner Beutel says that 475 employees will be let go, claiming that the “bitter” decision is a “prerequisite” for negotiations to continue with one “seriously interested” Asian investor.
The
