Bankruptcy averted: Vollert Heavy Duty Solutions after insolvency – a fresh start with focus or a slow sell-off?

When a world market leader in niche machine manufacturing fails, it is rarely solely due to the economic climate.

From versatile plant manufacturer to restructuring case: Vollert's initial situation

Before its insolvency, Vollert was a typical example of a German "hidden champion" in the mechanical and plant engineering sector: strongly engineering-driven, export-oriented, broadly diversified, and firmly rooted in a region. Based in Weinsberg near Heilbronn, the company developed and implemented complex system solutions for two major clusters: on the one hand, plants for precast concrete production, and on the other hand, intralogistics systems and shunting technology for the metal, aluminum, and steel industries, the automotive industry, and rail transport.

With around 360 employees worldwide, approximately 270 of whom were based at its headquarters, Vollert was not a large corporation, but it was large enough to handle highly complex, turnkey projects. According to the company, exports accounted for about 80 percent of its business, and its systems operated in over 80 countries, with subsidiaries in countries including China, Brazil, India, and the USA. Vollert thus operated within the classic framework of German special-purpose machinery manufacturing: a few, very demanding large-scale projects, in-depth engineering, significant upfront investment, and long-term customer relationships.

Economically, this is a business model with typical strengths and weaknesses. Its strengths lie in high barriers to entry, long-term customer loyalty, high-margin service and modernization contracts, and technology-driven differentiation. The weaknesses lie in the enormous dependence on investment cycles in construction, industry, and infrastructure, the concentration on a few large projects, and the high capital commitment due to pre-financing, guarantees, and long project durations.

In 2025, the company's centenary year, this model collapsed. Vollert was forced to file for insolvency at the Heilbronn District Court in July 2025. The entire group and its business units were affected. The case is exemplary because, according to the company, the operational order situation was not catastrophic; there were even new major projects – and yet the financing collapsed. This is precisely where the in-depth economic analysis begins.

The old Vollert portfolio: Between precast concrete elements, heavy-duty intralogistics and shunting systems

Prior to insolvency, Vollert was strategically focused on three closely related but structurally different business areas:

Firstly, the area of ​​precast concrete production

Vollert designed and supplied highly automated systems for the production of precast concrete elements – from wall and ceiling panels to complex systems for industrial residential and commercial construction. This sector is strongly linked to the construction industry, particularly building construction (residential and commercial). Customer benefits include increased productivity, automation, consistent quality, and shorter construction times.

Secondly, the area of ​​intralogistics systems for the metal and aluminium industry, automotive and logistics.

Vollert supplied complex material flow systems, high-bay warehouses, automated cranes, conveyor technology, and surface treatment plants. Examples range from 23-meter-high stacker cranes in aluminum coil storage facilities to highly automated high-bay warehouses for air freight handling or rolling mill logistics. Customers are typically capital-intensive industrial companies with high demands on availability, safety, and throughput.

Thirdly, the area of ​​shunting systems and heavy-duty applications

This includes battery-powered shunting vehicles for moving railway wagons with a train weight of up to 1,000 tons, heavy-duty cranes, and special crane systems, particularly for the steel and metal industries. These are often highly specialized solutions with few direct competitors, but high technical risks and long life cycles.

This portfolio offers synergies on the one hand: similar expertise in steel construction, drive technology, automation, project planning, and service. On the other hand, demand cycles and risk profiles are not entirely synchronized. The precast concrete industry is heavily dependent on residential and commercial construction, while heavy-duty intralogistics and shunting technology are more closely linked to the investment cycles of the basic materials and metal industries, logistics, and infrastructure. Ideally, the cycles smooth out; in an unfavorable scenario, they coincide.

Vollert finds itself in precisely such an unfavorable scenario in 2024/2025: a construction crisis in Germany and large parts of Europe, a weakening global economy, high interest rates, high energy costs – and at the same time a loss-making major project in the steel industry.

Economic causes of insolvency: economic cycle, construction crisis and risk management in project business

The macro situation: Construction crisis and slump in the precast concrete market

The German and European construction industry has been in a deep period of weakness since 2022. In real terms, construction investment in Germany fell by around 2.7 percent in 2023, and by about 3.4 percent in residential construction. High construction and financing costs, worsened funding conditions, and significant uncertainty are dampening demand. Only about 250,000 to 255,000 residential construction completions are expected in 2024, significantly fewer than the approximately 294,000 completed in the previous year.

This development is having an extremely severe impact on the building materials and precast concrete industries. Building materials production in Germany fell by over 16 percent in real terms in 2023; this decline continued at the beginning of 2024 with a further decrease of 15.3 percent. According to an industry report, the precast concrete industry is experiencing a drop in sales of approximately 15 percent in 2024, with volume declines of over 20 percent for certain large-format ceiling and wall elements. A further decline in sales of around 10 percent is expected for 2025.

For a plant engineering company heavily reliant on investments from the precast concrete industry, this represents a toxic environment. Customers are postponing or canceling investments, planned expansions are being put on hold, financing is becoming more difficult, and ongoing negotiations for new production lines are stalling. This industry trend aligns with the company's assessment that demand in the relevant markets, particularly in the precast concrete industry, declined significantly in the 18 months prior to filing for insolvency.

This point is economically significant: Vollert didn't enter a crisis during a booming construction industry, but rather in the midst of a cyclical and structural downturn. In this environment, every failed project, every liquidity issue, every delay in the acceptance of a major order is disproportionately felt.

The critical major project in the steel industry and the leverage of project economics

In addition to macroeconomic headwinds, Vollert also faces an operational-structural factor: A major project in the steel industry had to be completed at a loss due to "unforeseen difficulties." In traditional plant engineering, success or failure is often not determined by the total number of small orders, but rather by a few large projects per year. If one of these projects massively exceeds its budget, runs over time, or experiences a technical escalation, it directly impacts the bottom line.

In the heavy-duty and steel industries, individual projects can quickly reach volumes in the tens of millions. Even a single-digit percentage cost overrun can then translate into six- or seven-figure losses. If delays, contractual penalties, or additional engineering iterations are added to the mix, not only does the margin deteriorate, but so does the cash flow, as milestone payments are postponed.

In such projects, there is also a high dependence on guarantees, particularly advance payment and performance bonds. Banks provide a guarantee limit for this purpose. If this limit is exhausted due to loss-making projects and increasing risks, banks or credit insurers pull the plug. According to management, this is precisely what happened at Vollert: Although two new major projects were acquired, the guarantee limit was no longer available for these contracts in the short term.

Economically, this means the problem isn't just a lack of revenue, but an inability to even accept and pre-finance low-risk new projects. A company that is still generating demand operationally can still become insolvent if it doesn't adapt its financing and risk structure to the new market situation. In Vollert's case, the industry downturn, a loss-making major project, and an increasingly restrictive banking environment culminated in one thing: liquidity.

The role of banks: Guarantee framework as a bottleneck

From the banks' perspective, the German mechanical and plant engineering sector is currently a high-risk segment: cyclical demand, project-based business, high upfront costs, and geopolitical risks in exports. When a company like Vollert operates in an already strained sector (construction, precast concrete industry) and demonstrably completes a major project at a loss, banks adjust their risk assessment. In such cases, a typical reaction is to not renew or to reduce loan guarantees.

For Vollert, this very breaking point was critical to his existence: Without guarantees, large, reputable industrial clients can hardly place orders without securing the financing of advance payments and the safeguarding of down payments. The fact that the denial of the guarantee framework came as a surprise suggests, from an economic perspective, a discrepancy between the company's internal risk perception and that of the banks.

For a "heavy duty" project provider, this represents a key learning curve: risk management in project business must not only focus on technical and scheduling risks, but must systematically anticipate the capacity and willingness of financiers in different economic phases. Particularly in medium-sized businesses, professional, proactive management of guarantee and surety lines as a strategic resource is often lacking.

Internal factors: complexity, capital commitment, and lack of focus

Besides external factors, it's too simplistic to attribute the crisis solely to the construction industry and the banks. Vollert had been diversified for years: precast concrete elements, intralogistics, shunting robots, and heavy-duty cranes for various industries. This diversification helps when one segment falters and others provide support. However, it also creates significant internal complexity: different customer segments, different cycles, sometimes different engineering requirements, and varying international go-to-market structures.

In an environment where both construction and industrial investment are weak, this complexity becomes a disadvantage. Management attention is spread across too many projects, and investment budgets for development and sales have to be stretched. Furthermore, fully integrated large-scale plants in precast concrete factories are capital-intensive projects for customers. When the construction market falters, customers tend to postpone these projects first, while they are more likely to invest in intralogistics or spare parts and service to ensure efficiency.

From an external perspective, the current solution – the sale of the precast concrete division and the focus on heavy-duty intralogistics and shunting solutions – suggests that the previous portfolio breadth was, in retrospect, too broad. The insolvency thus serves as a brutal but effective mechanism for strategic restructuring.

Investor solution and spin-off: Why PKD and Elematic make strategic sense

The deal structure: division into precast and heavy duty

In December 2025, it was announced that two investor solutions had been found as part of the insolvency proceedings: The Finnish company Elematic Oyj took over the precast concrete plant business unit, while the Czech company PKD Holding took over the remaining core business around heavy-duty intralogistics and shunting systems.

The relaunch will take place on January 1, 2026, under the name Vollert Heavy Duty Solutions GmbH. According to a press release, the company will focus on what it has stood for in the market for decades: heavy-duty intralogistics and shunting systems, with a claim to market leadership in this segment. The previous owner and managing director, Hans-Jörg Vollert, will remain managing partner; the new structure thus combines a new majority owner with the continuity of family management.

The precast concrete activities will continue under the name Vollert Precast Solutions, integrated into Elematic's global platform. Vollert is therefore divesting a division that was historically significant but is currently suffering particularly badly from the construction crisis, and in which a specialized global player possesses structural advantages.

Elematic and the logic in the precast segment

Elematic is a Finnish supplier that has specialized in technology and equipment for precast concrete production for decades and is considered a global technology leader in this segment. The company supplies complete production lines, machinery, and engineering for precast plants and operates in more than 100 countries.

From an industrial economics perspective, Elematic's acquisition of Vollert Precast is a consolidation step that industry experts had already anticipated. The precast market is characterized by overcapacity, a highly fragmented customer base, and intense price competition, particularly in Europe. Integration and economies of scale in development, purchasing, and manufacturing are becoming increasingly important. At the same time, the global significance of industrialized construction and modular systems is growing, especially in Asia and the Middle East.

By acquiring Vollert's precast concrete technology, Elematic strengthens its position as one of the world's leading system providers. Customers will benefit in the long term from a global service network, greater R&D resources, and a broader product range. In the current environment, it would have been difficult for Vollert as a group to independently finance both heavy-duty intralogistics and a globally competitive precast platform.

PKD Holding and the strategic fit in the heavy-duty segment

PKD Holding, headquartered in the Czech Republic, is a group of companies that primarily invests in areas such as steel construction, agricultural construction, steel buildings, structural engineering, and civil engineering. It is one of the leading suppliers of agricultural building and steel structures in the Czech Republic, complemented by activities in logistics and smart farming.

At first glance, a Czech steel construction and agricultural specialist seems an unusual investor for a German high-end plant engineering company. However, a closer look reveals clear common ground: PKD possesses expertise in steel structures, hall construction, project management, and industrial building projects; Vollert Heavy Duty Solutions contributes advanced technology in heavy-duty intralogistics, automated cranes, and shunting systems. For PKD, this investment presents an opportunity to expand its portfolio of pure construction and steel projects to include highly automated system solutions that enable higher margins and greater differentiation.

The insolvency administrator emphasizes that PKD tends to think in terms of long-term development and aims for the sustainable strengthening of the company, not short-term dismantling. For a capital-intensive niche provider, an equity investor with an industrial background and a longer time horizon is significantly more advantageous than a purely financially driven investor.

Division as an economic rationalization

From an objective, economic perspective, the chosen division is plausible:

The precast concrete activities will be integrated into a global precast platform that focuses entirely on this industry and can leverage international economies of scale. The segment remains cyclical but operates in an environment where strong players are expanding their market position through acquisitions.

The heavy haulage and shunting division will be consolidated into a separate company that will focus on a more profitable, less easily substituted niche segment. The brand and know-how will remain associated with the Vollert family, supplemented by capital and structural support from PKD.

For employees and the region, this represents a profound change, but it offers better job security than a simple liquidation would have. The relaunch under Vollert Heavy Duty Solutions, with 360 employees and a clearly defined focus, signals that the company's core competencies have a sound economic foundation.

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Possible development paths for Vollert Heavy Duty Solutions

Baseline scenario: Solid stabilization as a niche leader

In the baseline scenario, Vollert Heavy Duty Solutions succeeds in maintaining existing customer relationships and achieving organic growth, while European industry gradually recovers from the current economic downturn. Investments in efficiency, automation, and safety in the steel, metal, logistics, and rail sectors remain necessary, regardless of short-term GDP fluctuations.

The key drivers in this scenario are:

• a moderate recovery in industrial investment in Europe from 2026 onwards,
• Underway infrastructure and modernization programs (e.g. rail networks, logistics capacities),
• the expansion of service and retrofit business for existing plants,
• and the exploitation of international growth opportunities, particularly in emerging economies with increasing industrialization.

In this scenario, Vollert Heavy Duty Solutions would consolidate its position as a recognized specialist, without necessarily growing strongly, but with sufficiently stable cash flows to reduce debt and invest in moderate growth and innovation.

Upside scenario: Strategic scaling with PKD and global partnerships

In the optimistic scenario, Vollert Heavy Duty Solutions will use the investor's involvement to pursue an active growth strategy. PKD could contribute its expertise in steel construction and the building of turnkey industrial plants to jointly offer integrated solutions. For example, complete logistics centers or industrial halls, including heavy-duty intralogistics and shunting systems, could be offered by an expanded group.

Furthermore, Vollert could enter into strategic partnerships with other technology companies, for example in the areas of automation software, digital twins, predictive maintenance, and AI-based material flow optimization. The global trend toward autonomous, highly automated logistics facilities, smart factories, and networked rail logistics offers opportunities here.

This scenario assumes that Vollert not only stabilizes but also actively invests in new markets and technologies, for example:

• Solution-oriented offers for the modernization of old steel and aluminum plants in Europe,
• Facilities for the logistics of future sectors (battery production, renewable energies, hydrogen),
• or special solutions for heavy-load logistics in ports and multimodal transshipment centers.

The “Vollert Heavy Duty Solutions” brand could thus be established as a European technology leader in a globally growing niche segment.

Downside scenario: prolonged crisis and reluctance to invest

In the pessimistic scenario, geopolitical tensions intensify, energy prices remain high, European industry undergoes partial deindustrialization, and investments in heavy industrial plants are permanently dampened. At the same time, construction and infrastructure budgets fall short of political promises.

In such an environment, demand for heavy-duty intralogistics solutions in Europe could stagnate or decline, while competitors from Asia enter the market with more affordable offerings. If Vollert Heavy Duty Solutions then fails to establish itself in non-European markets, it risks a gradual erosion of its market position.

In this scenario, it would be particularly critical if one or two additional major projects failed or customers became insolvent. In that case, the financial situation would improve despite the investor, but would not stabilize sufficiently to open up new growth avenues.

Impact on the workforce, region and mechanical engineering landscape

Regardless of the scenario, the Vollert case sends a strong signal to the Heilbronn-Franken region and the German mechanical engineering industry as a whole. A 100-year-old family business with a high level of engineering expertise is going bankrupt, even though the brand is strong and the technology competitive.

For the workforce, the restart brings hope, but also challenges: restructuring, potential relocations, a stronger financial focus from the investor, and the pressure to concentrate more on high-margin, scalable businesses. Long-term job security depends less on tradition and family ownership than on the ability to remain profitable in a globalized and cyclical industry.

For the region, this case illustrates how closely medium-sized hidden champions are intertwined with the international construction and industrial economy. A local machine manufacturer is now part of complex global value chains; shocks in distant markets translate into short-time work, worries, and painful restructuring measures in Weinsberg.

For the mechanical engineering sector as a whole, Vollert serves as a cautionary example, demonstrating that even companies with strong market positions and robust products can find themselves in dire straits when cyclical risks, project losses, and increasingly restrictive banking policies converge. The industry faces the challenge of modernizing its risk and financing models without sacrificing its innovative capacity.

Critical overall assessment: Insolvency as a forced strategy correction

The insolvency of Vollert Anlagenbau GmbH and its subsequent restart as Vollert Heavy Duty Solutions GmbH cannot be reduced to a single economic cause. It is a combination of factors:

• a deep downturn in the construction and precast concrete industry,
• a loss-making major project in the steel industry,
• a sudden reduction in loan guarantees by the banks,
• and a historically grown, but in the crisis too broad portfolio structure.

From the perspective of a heavy-duty industry insider, the solution now found is a mix of damage control and strategic realignment. Damage control because it prevents a breakup or liquidation that would have destroyed 360 jobs, technological expertise, and reference installations. Strategic realignment because Vollert, under the umbrella of Vollert Heavy Duty Solutions, is concentrating on its most economically attractive and differentiated segment: heavy-duty intralogistics and shunting solutions.

At the same time, this case serves as a clear warning: Anyone undertaking large-scale projects in cyclical markets with high leverage and tight loan guarantee frameworks cannot afford weak risk management. Such warnings seem theoretical during boom times, but become an existential reality during crises. Vollert paid this price – and is now being given a second chance.

Whether this second chance is seized depends less on marketing messages than on concrete, measurable improvements: selecting the right projects, building a strong service and lifecycle business, professional financial and risk management, technological development towards more digitized, automated systems, and a smart use of the opportunities offered by an investor like PKD.

The provocative, yet factually sound conclusion is this: the insolvency was less an accident and more the overdue correction of an overstretched business model in a brutally changed market environment. The relaunch as Vollert Heavy Duty Solutions offers the opportunity to transform a historically grown plant engineering company into a focused niche champion. Whether this champion will still be investing and growing in Weinsberg in 2030, or whether it will simply be another chapter in the consolidation of European industrial history, will be decided in the next three to five years – in the engine room of project costing, financing structure, and strategic discipline, not in glossy brochures.

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