The remanufacturer reported on the move from a “stock company to a limited liability company”, which has taken place “with immediate effect”.
In a letter to business partners, Embatex stated that the decision was made in June at its annual general meeting, with the company deciding “to convert the AG into a GmbH, from a stock company to a limited liability company”. It added that since it was acquired by Turbon last October, it has had “only one shareholder” in Turbon, and that “the transparency is provided by the exchange listing of Turbon AG”, so “therefore the legal form stock company is no longer up-to-date”.
Christian Wernhart was said at the time of the acquisition to continue as CEO, with the letter noting that he has “been appointed as the sole Managing Director of the GmbH (limited liability company)”, with the change “registered in the commercial register” and “valid with immediate effect”. Embatex added that “we would like to ask you to change our company details in your system”, with the new details as follows: Embatex GmbH, Satellitenstraße 1, A-9560 Feldkirchen.
Last year, after the merger, Turbon expected a “consolidated turnover” in excess of €120 million ($132 million) for 2016, moving closer to its medium-term target of €150 million ($165 million). The two companies announced in 2014 that they would be partnering in Europe, specifically in terms of research and development as well as toner cartridge remanufacturing. At the time, both companies confirmed there were no plans to combine their two sales efforts.
Turbon also said: “MPS-compatible cartridges will continue to be a core product within the range of toner cartridges at Embatex. On the inkjet side, the focus is on business inkjet printers and ink cartridges for franking machines, which will also become available through the sales channels of the Turbon Group in the near future.”
Turbon reported in March on less positive yearly results, which included small falls in sales and profit, and saw it adjust 2016 sales targets down. The Recycler also reported last August on a first-half sales increase for 2015 of 6.6 percent to €56.8 million ($63.2 million), a growth of €3.5 million ($3.8 million) from the “comparable period of the previous year”. However, this September, Turbon revealed that turnover for the first half of the year fell €6.6 million ($7.4 million) from last year.