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
remaining
495
would
be
kept
on
if
a
deal
can
be
clinched.
Beutel
says
that
a
number
of
major
restructuring
elements
must
be
implemented…
