Liechtenstein-based Reichardt AG saves tradition-steeped company STEWI
16 August 2023
Reichardt AG based in Liechtenstein is acquiring the entire STEWI Group with retroactive effect from January 1, 2023. This has averted the end of the manufacturer of laundry dryers and stands that is steeped in tradition. STEWI will continue with a new location in Saland/Bauma.
STEWI is being acquired and continued in Switzerland. The traditional company based in Winterthur announced in a press release on August 15: “The planned and announced closure of the business of STEWI Group has been averted today.” The company, which consists of STEWI AG, STEWI of Switzerland AG, and STEWI Holding AG, passes into the ownership of Reichardt AG with headquarters in Liechtenstein’s municipality of Ruggell on August 31, 2023.
STEWI will continue at the new location in Saland/Bauma in the canton of Zurich. STEWI stated: “This means that production and assembly work will remain in Switzerland and all jobs can remain with little change.”
The owners of STEWI announced on June 22 that the company would stop manufacturing products at its Winterthur site on September 30 after 77 years and that the company would dissolve by the end of December 2023. Apparently, efforts to find a new owner had been unsuccessful. Health and age-related reasons were given for closing the business as well as “price pressure coming from all angles” after the coronavirus pandemic.
CEO Stephan Ebnöther is leaving the company on August 31, 2023. Co-CEO Lorenz Fäh will remain in the management board and board of directors. Felix Reichardt will take over operational management of STEWI Group from September 1.