Eisengießerei Torgelow GmbH

Eisengießerei Torgelow GmbH (EGT) is a metalworking company based in Torgelow, in the district of Vorpommern-Greifswald, Mecklenburg-Vorpommern, Germany. It emerged after German reunification from the state-owned VEB Gießerei und Maschinenbau „Max Matern“ Torgelow. The company's roots reach back to 1753, when King Frederick II of Prussia ordered the construction of an ironworks in the Ueckermünde Heath after bog iron ore was discovered there. Over the following centuries the site produced armaments and agricultural iron tools, and by the early 20th century Torgelow hosted numerous iron foundries. After 1945 the works were nationalized and consolidated, eventually becoming the VEB Gießerei- und Maschinenbau „Max Matern“ Torgelow, a major supplier to East German shipbuilding and electrical machine building. In 1993, after the collapse of its main market, the large foundry operation was re-established as Eisenguss Torgelow GmbH. It was renamed Eisengießerei CHL Torgelow GmbH in 2001 and took its current name in 2006. Since 2004 it has been in Austrian ownership, and since October 2005 it has produced in a new large foundry. The company grew rapidly in the 2000s, from 64 employees in 2003 to 700 in 2008, with revenue rising from €5 million in 2003 to about €140 million in 2008. Its majority shares are held by Breeze Invest GmbH and Privatstiftung zur Bährenhöhle, both based in Vienna. EGT produces large cast-iron components, and its recent history has included financial restructuring, bond refinancing, and outsourcing of finishing operations.

The history of Eisengießerei Torgelow is rooted in the 18th-century Prussian iron industry. After a successful search for bog iron ore in the Ueckermünde Heath, ordered in 1752 by King Frederick II of Prussia, the king issued a cabinet order on 25 December 1753 for the construction of an ironworks. Following the commissioning of the first modern blast furnace in Torgelow, other trades settled nearby. Besides armaments, the works mainly produced iron agricultural implements. When the available bog iron ore deposits were exhausted, scrap and imported pig iron were increasingly used, and cupola furnaces were acquired. Blast furnace operation ceased in 1858, and the ironworks was privatized in 1861. Alongside the works taken over by the sculptor and caster Theodor Vollgold, numerous new foundries were founded from 1875. At the start of World War I, Torgelow had 14 producing iron foundries, each with 100 to 300 employees. After the war, the firms had to convert back to civilian production. Their sales markets were mainly Berlin (70 percent), northern and central Germany, as well as Scandinavia and the Baltic region. World War II required another conversion to armaments. The shells and bombs produced were further processed in the nearby munitions facility. After the war began, prisoners of war were used in the works. The 'Schwarze Erde' camp held more than 1,000 prisoners in 1941. Later the number of forced laborers was about 3,000, housed in 18 camps, some company-owned. After the end of the war in 1945, production gradually resumed in most operations. There was relatively little war damage and mostly only partial dismantling. Only the more modern Haller II factory, which had produced for the munitions facility, was taken to the Soviet Union as reparations. By the end of April 1948 the remaining operations had been converted into state property. From 1 April 1949 they were combined under the name 'Vereinigte Torgelower Gießereien' (VTG). In the following years several new buildings were erected: a central large fettling shop in 1950, a large casting hall in 1953, and in 1954 the Gießerei 1 (FG-1) production area. The molding shops were largely mechanized. In October 1969 the foundries were merged into the VEB Gießerei- und Maschinenbau „Max Matern“ Torgelow (GMT). The state-owned enterprise was named after the KPD member Max Matern, glorified in East Germany, who had trained as a molder in Torgelow. Production was mainly for East German shipbuilding and electrical machine building. From the 1980s the Torgelow operation was part of the Kombinat Schiffbau, and further modernizations followed: modern molding machines, a fully automatic casting facility, and electrohydraulic core removal were introduced. Induction furnaces were installed for melting. In 1988 and 1989 GMT employed over 2,300 people. In 1988 it produced nearly 30,000 tonnes of grey cast iron and other products worth 140 million East German marks. After reunification, GMT fell into crisis as its most important sales market, East German shipbuilding, collapsed. Numerous plant sections were shut down and the halls later demolished. After former employees had founded an aluminium and brass foundry in 1992, the large foundry operation became 'Eisenguss Torgelow GmbH' on 1 July 1993. Following a change of owner, it was renamed 'Eisengießerei CHL Torgelow GmbH' from 1 May 2001 and took its current name 'Eisengießerei Torgelow GmbH' in 2006. Since 2004 the company has been in Austrian ownership; since October 2005 it has produced in a new large foundry. The number of employees rose from 64 in 2003 to 700 in 2008. Revenue, which was five million euros in 2003 with a loss of 1.3 million, reached about 140 million euros in 2008. The managing director Hermann Josef Taterra was awarded the prize 'Turnarounder des Jahres 2006' by the auditing firm BDO Deutsche Warentreuhand. However, there are also critical voices that see the massive use of temporary workers and low wages as the downside of the success. Trade union circles also express doubts about the sustainability of the recovery, which was mainly supported by subsidies. In its current form, according to the commercial register portal, the company has existed since the merger of Großguss Torgelow GmbH (GGT) with Eisengießerei Torgelow GmbH in December 2007. This ended the operational split of 2004/2005, during which both the holding company GGT and the operating company EGT received funding from the state of Mecklenburg-Vorpommern. The majority of shares are now held by Breeze Invest GmbH (Vienna) and Privatstiftung zur Bährenhöhle (Vienna). The company has two outstanding bonds (total issue volume 30 million euros, WKN A1EWMV and A1EWMW), which are no longer traded on the stock exchange. By a resolution of the creditors' meeting of 20 March 2017, published in the company register on 4 April 2017, the interest rates for the bonds were increased from 4.302% and 3.5% to 6.808% per year each, and the maturities were changed to 30 August 2023. As of 1 October 2016, Eisengießerei Torgelow outsourced its fettling shop with 32 employees to a subsidiary of the Basibüyük Group. Only isolated employees of the fettling shop agreed to the transfer of operations; the employment relationships of the other affected fettlers were terminated.

• 2017

  By a resolution of the creditors' meeting of 20 March (published 4 April), bond interest rates are increased to 6.808% per year and maturities changed to 30 August 2023.

• 2016

  As of 1 October, the fettling shop with 32 employees is outsourced to a subsidiary of the Basibüyük Group.

• 2007

  In December, Großguss Torgelow GmbH (GGT) merges with Eisengießerei Torgelow GmbH, ending the 2004/2005 operational split.

• 2006

  The company takes its current name 'Eisengießerei Torgelow GmbH'.

• 2005

  From October, production takes place in a new large foundry.

• 2004

  The company comes into Austrian ownership.

• 2001

  From 1 May, following a change of owner, the company is renamed 'Eisengießerei CHL Torgelow GmbH'.

• 1993

  On 1 July, the large foundry operation becomes 'Eisenguss Torgelow GmbH'.

• 1992

  Former employees found an aluminium and brass foundry.

• 1988

  GMT produces nearly 30,000 tonnes of grey cast iron and other products worth 140 million East German marks; over 2,300 employees in 1988/1989.

• 1969

  In October, the foundries are merged into the VEB Gießerei- und Maschinenbau „Max Matern“ Torgelow (GMT).

• 1954

  The Gießerei 1 (FG-1) production area is built.

• 1953

  A large casting hall is built.

• 1950

  A central large fettling shop is built.

• 1949

  From 1 April, the operations are combined as 'Vereinigte Torgelower Gießereien' (VTG).

• 1948

  By the end of April, the remaining operations are converted into state property.

• 1914

  At the start of World War I, Torgelow has 14 producing iron foundries with 100 to 300 employees each.

• 1875

  Numerous new foundries are founded in Torgelow.

• 1861

  The ironworks is privatized.

• 1858

  Blast furnace operation ceases.

• 1753

  King Frederick II of Prussia issues a cabinet order on 25 December for the construction of an ironworks in Torgelow after bog iron ore is found in the Ueckermünde Heath.

German iron foundry specializing in large cast-iron components, with a long industrial heritage in Torgelow and a focus on shipbuilding and machinery castings.

• Large cast-iron components

• Grey cast iron

• Castings for shipbuilding

• Castings for electrical machine building

• Iron agricultural implements (historical)

1. 1Eisengießerei Torgelow – Wikipedia (German)de.wikipedia.org
2. 2Eisengießerei Torgelow – Wikidatawikidata.org