Payr sale secures up to 40 jobs

A Salzburg business group has bought two operating companies from the insolvent Payr engineering group, preserving the Patergassen location and up to 40 jobs, ORF reported.

Zentriq HTA was selected as the best bidder after months of searching for buyers. The purchase contract was signed in October, and the sale closed on October 31. Employees transferred to the new company at the start of this week, while customer and supplier relationships were maintained.

Payr Production and Payr Engineering specialise in plant engineering. Their work in engineering, precision manufacturing and complex assembly will complement Zentriq’s existing portfolio, said Martin Schacherl, managing director of the group.

The Payr group ran into financial difficulties before its insolvency was announced in February. It had debts of nearly 11 million euros, a shortage of orders and a downturn in the automotive sector. Insolvency administrator Klaus Haslinglehner said the sale of the operating companies was complete, but insolvency proceedings for other business divisions were continuing.