The de-industrialisation of Germany 🇩🇪- Part 9 Read description

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The de-industrialisation of Germany 🇩🇪- Part 9:

🔹 CEO Matthias Zachert of Lanxess (a leading German specialty chemicals 🧪co. operating in 32 countries) says "de-industrialisation begins" as the co. plans to close two factories in Krefeld-Uerdingen. He cites high energy costs (due to de-coupling from Russia 🇷🇺) and politics as reasons for this.

🔹Industrial production in Germany fell in June on both a yearly (1.7%) and monthly basis (1.5%). Germany's manufacturing 🏭 PMI plummeted to 38.8, twelve consecutive months of contraction.

🔹Electrical 🔌 company "ABL" of Lauf, operating for over 100 years files for bankruptcy.

🔹Fashion house Rübsamen, in existence for more than 120 years is insolvent.

🔹Munich-based BMP Greengas, the leading provider of biogas in Germany has filed for bankruptcy, affecting the country's 'green energy' transition.

🔹 President & CEO of the Voith Group (global technology co.) Toralf Haag, warns that 'danger of de-industrialisation is very great'.

🔹 The German Red Cross has filed for bankruptcy for five hospitals 🏥. A quarter of all hospitals in Saarland and Rhineland-Palatinate are on the brink of becoming insolvent.

🔹Kassel district of the German state of Hesse sees a 34% increase 📈 in bankruptcies, than in the same period (1st 6 months of the year) of 2022.

🔹 In a Federal Association of Medium-Sized Businesses survey, 48% of directors have considered closing down or moving abroad.

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