Restructuring of an engineering services company

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    Restructuring of an engineering services company

Our Customer

Listed aircraft construction group


Group subsidiary and leading engineering services company with approx. 350 employees

Our Role

  • Interim Chief Restructuring Officer
  • Chief Executive Officer
  • Chief Financial Officer


Michael Hengstmann


  • High negative operating result
  • High level of open receivables
  • Lack of a professional and proactive sales team to acquire customers and projects
  • Dramatic slump in order intake and sales (minus 50%)
  • Negative operating result (EBIT margin: minus 20%)
  • Change-resistant corporate culture with well-known corporate brand and history
  • Restrictive company agreements and critical (group) works council and trade unions


  • Establishment of a Chief Restructuring Officer / Chief Executive Officer
  • Development of three scenarios for the shareholder (liquidation, sale, restructuring)
  • Strategic realignment of the company
  • Negotiation of socially acceptable termination agreements
  • Implementation of cost savings in all areas
  • Introduction of a new IT architecture through virtualization
  • Reorganisation of sales and acquisition of new major orders and new customers at home and abroad
  • Training of a successor for the managing director/ CEO

Selected Results

  • Increase in incoming orders by approx. 260%
  • Increase in turnover of approx. 45%
  • Reduction of working capital by approx. 38
  • Reduction of overhead costs by 60%.
  • Reduction of approx. 25% of staff capacity
  • The company has been successfully restructured and is again generating a sustained positive EBIT margin
  • Preparation of exit capability through complete carve-out from listed industrial holding company, merger of numerous companies and later successful sale to a financial investor

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Restructuring of an engineering services company

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