devolo: renovation successfully completed

devolo has announced that the self-administered Privacy Shield procedure will end at the end of the month. We reported that the smart home company announced six months ago that it would open this process. With the approval of the creditors, the insolvency plan is concluded after six months. The district court of Aachen has already approved the agreement. The Harbers family will take over the shares of devolo AG with their own companies on November 1, 2022. After the restructuring, devolo has returned to a stable financial footing.

Heiko Harbers, CEO of devolo AG: “The clear message is: devolo is on the right track! Thanks to our investment, devolo has excellent strategic prospects, both nationally and internationally. Our growth plans will require investments in products, technology and brand over the next few years. With the solution that has now been found, liquidity is secure and devolo can work on the new growth targets with full concentration.”

In the medium to long term, devolo’s management and stakeholders expect positive growth prospects. The main reason for the restructuring process was the effects of the corona closures: After the successful conclusion of the pandemic year 2020 and the planned opening of the retail sector in spring 2021, a positive sales development was initially assumed. Further pandemic-related store closures, particularly in the German market, then led to a drop in demand from the second quarter of 2021.

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