Gerresheimer's Restructuring and Legal Challenges Weigh on Shares

Gerresheimer launches a major restructuring with asset sales and huge impairments. While its stock plummeted 72%, new investors are buying in. Legal actions target former execs and auditor KPMG.

As the packaging specialist Gerresheimer grapples with the fallout from accounting irregularities, its management has initiated a severe restructuring plan. The strategy involves the planned sale of its U.S. subsidiary Centor and substantial asset impairments of up to €240 million. This decisive action comes amid a significant share price decline, yet is coinciding with surprising repositioning by some major institutional investors.

Investor Sentiment Presents a Contradiction

The crisis has left a profound mark on the company's market valuation. Over a one-year period, Gerresheimer's stock lost approximately 72 percent of its value, a drop that recently triggered its removal from the SDAX index. However, the heavily depressed share price is now attracting new interest. Investment firms including CastleKnight and Deka Investment have recently reported establishing new positions in the company, suggesting some see value at current levels.

Legal Reckoning Extends to Auditors and Former Executives

The legal aftermath of the balance sheet errors is widening. Germany's audit oversight body, APAS, has initiated professional misconduct proceedings against KPMG. The allegation is that the auditors issued an unqualified opinion on the 2024 financial statements despite systematic IFRS accounting errors related to revenue recognition.

Simultaneously, the shareholder association DSW is escalating pressure. A new legal opinion is being commissioned to determine whether former executives, including ex-CEO Dietmar Siemssen and ex-CFO Bernd Metzner, can be sued for damages. The DSW is already calling on affected investors to organize, aiming to pursue collective legal action and potentially secure litigation funding.

Asset Sales and Plant Closure Form Core of Turnaround

To stabilize its financial foundation, management is implementing deep structural countermeasures. The U.S. subsidiary Centor is slated for sale before year-end, reportedly due to strong buyer interest. Furthermore, the group will close its Moulded-Glass plant in Chicago, shifting production capacity to facilities in Italy and India.

This harsh restructuring will incur a substantial accounting cost. For the 2025 fiscal year, Gerresheimer anticipates non-cash impairment charges between €220 million and €240 million. This sum stems primarily from write-downs on technology projects at Sensile Medical AG and on certain U.S. assets.

A Critical Deadline Looms in 2026

The company faces a pivotal milestone in June and July 2026. By the latest deadline of July 14, 2026, when the half-year report is published, the executive board must present audited financial statements and provide concrete results from ongoing credit negotiations. Only these validated figures will confirm if the current year's revenue forecast of up to €2.4 billion rests on solid ground and whether potential takeover scenarios by external buyers could become realistic again.