By The European Times | Created at 2026-08-02 08:31:54 | Updated at 2026-08-03 00:50:28
16 hours ago
German battery maker Varta has filed four applications to open bankruptcy proceedings, a spokesman for the Stuttgart District Court confirmed.
The documents are being reviewed by the competent judge, Reuters and DPA reported end of July.
Reuters earlier reported that the Ellwangen-based company would file for bankruptcy after its current owners, sports car maker Porsche and Austrian entrepreneur Michael Toener, who each own 50 percent of the capital, refused to provide additional financing.
According to German media, the company is facing the possibility of splitting its business into parts. Its largest creditors, including Deutsche Bank and several hedge funds, are interested in the profitable household battery division, and Michael Toener in the microbattery business, including button batteries for hearing aids.
According to the company, Varta has about 3,260 employees, most of whom work at the headquarters in Ellwangen.
The last published financial results are for 2024. At that time, the company reported revenues of about 793 million euros and a net loss of 64.5 million euros. In addition to household batteries, the company produces microbatteries for hearing aids and energy storage systems.
In 2024, Varta underwent restructuring under the German Act on the Stabilization and Restructuring of Enterprises in order to avoid bankruptcy. As part of the procedure, the previous shareholders lost their shares, and creditors waived part of their claims. In early April this year, the company announced that the restructuring had been successfully completed and that it was back on the path to stabilization.
However, its economic situation has since deteriorated again. The plant in the Bavarian town of Nördlingen, which employs around 350 people, will be closed in the fall. The reason is the termination of orders from Apple, which was the company’s largest customer. Until November, the plant will continue to produce button batteries for the American company’s wireless headphones, after which production will probably be exported to Asia.
Illustrative photo: pexels-moh-adbelghaffar-6015268
