German battery maker Varta files for insolvency

The German battery manufacturer Varta AG, headquartered in Ellwangen, has filed four insolvency applications in self‑administration with the Stuttgart District Court. An ad‑hoc creditor group led by Deutsche Bank and the investment funds RBC BlueBay, Blantyre and Whitebox has called the company’s loans due and plans to separate the profitable consumer‑battery division from the rest of the group.

Investors Michael Tojner (who holds a 50 % stake through the Montana Group) and Porsche, also holding 50 %, have declined to provide further financing. Tojner said, “We regret this step by the financing banks, which was unfortunately foreseeable in this form.” The company faces a cash shortfall of a “mid‑double‑digit‑million‑euro” amount needed for day‑to‑day operations and additional capital for longer‑term viability.

The crisis was triggered by the loss of Apple as a key customer for rechargeable button cells used in AirPods, weaker demand, high energy and labour costs, and currency pressures. About 3,260 employees are affected, including roughly 350 workers at the Nördlingen plant slated for closure in the autumn. Creditors intend to retain the household‑battery business, while Tojner is interested in acquiring the micro‑battery and solutions divisions, which include the Varta Innovation centre in Graz and a Romanian subsidiary. The state of Baden‑Württemberg is urging measures to preserve jobs and know‑how. Earlier restructuring efforts under Germany’s StaRUG in 2024 failed to stabilise the company.