The newly-founded Swissmetal Industries, backed by two private investors, said it had acquired the firm, which employs about 160 people at two factories in the small towns of Dornach and Reconvilier.
The near-bankrupt copper alloy manufacturer went into provisional receivership, but a plan for a debt-restructuring moratorium was delayed several times pending a legal case.
The main creditor, the Chinese Development Bank, gave a €15 million (CHF16.4 million) loan to Baoshida Swissmetal in 2016 and has accused the administrator of providing insufficient information about the financial situation of the manufacturer. In May, the Chinese Development Bank refused an offer of CHF9 million by Swiss Team for the company.
The Chinese chief executive of Baoshida Swissmetal was dismissed in 2018 and was given a suspended prison sentence by a Swiss court for unlawful business practices last year.
On Tuesday, the new owners of SwissmetalExternal link announced plans to restructure the company in the near future and limit its production to one factory.
More
More
Why Switzerland and China are courting each other
This content was published on
The Swiss president is in China, where he will sign a memorandum of understanding focusing on finance and trade. What’s in it for both countries?
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
‘Pressure will increase on Switzerland to invest more in defence’
This content was published on
Markus Mäder, Switzerland's state secretary for security policy, believes that more cooperation is needed in order to strengthen defence in Europe.
Just one in five Swiss attend a religious service at Easter
This content was published on
Only one in five people in Switzerland attend a religious service during the Easter period or give up meat or alcohol for at least one day of fasting. Around 25% of those polled see Easter primarily as a family holiday, according to the survey.
Major road disruptions continue after heavy snowfall in parts of Switzerland
This content was published on
The snowfall has ended in the southern Swiss canton of Valais, the cantonal emergency services said on Friday. Several roads, however, remain closed.
Swiss businessman gets prison term for asbestos deaths
This content was published on
Stephan Schmidheiny has been sentenced to 9 years and 6 months in prison by the Turin Court of Appeal in a case against the former Eternit executive over deaths linked to asbestos exposure in Italy.
This content was published on
Swiss imports and exports reached new heights in the first quarter, driven by the chemicals and pharmaceuticals sectors. Shipments to the US rose sharply.
Convicted ex-Swissmetal chief banned from Switzerland
This content was published on
Former chairman of the management board of Baoshida Swissmetal has been given a 24-month suspended prison sentence for unlawful business practices.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.