Japanese crane-maker Tadano files for insolvency protection for European subsidiaries

Tadano, Japan’s largest maker of cranes and aerial platforms, has filed for insolvency protection for its two German subsidiaries, Tadano Demag and Tadano Faun.

The company said the "protective shield proceedings" would allow it to stabilise its businesses while staying in control of their operations. 

During the three-month restructuring process, Tadano hopes to create a plan for the businesses to survive in the post-Covid market, characterised by shrinking demand and growing competition, exacerbated by the coronavirus.  

America’s Terex sold Demag to Tadano for $215m in August 2019.

Image courtesy of Tadano