Core Grundig Unit Sold

Six months after it filed for insolvency, the German electronics-maker Grundig has almost been entirely sold off. On Thursday, a consortium consisting of Turkish television manufacturer Beko and British electronics dealer acquired Grundig’s core business for close to €80 million. Grundig has close to 400 employees and was founded in 1946. The sale effectively puts the company in foreign hands. The company's bankruptcy administrator, Siegfried Beck, said that at least 200 of the company's employees would likely be kept as a result.