Electric Glass Fiber
Electric Glass Fiber
In September 2023, the furnaces of Electric Glass Fiber in Groningen fell silent. The factory had produced glass fibers using ovens heated to 1,600 degrees Celsius, with platinum nozzles drawing molten glass into delicate threads. Platinum was the company’s treasure and its burden, essential for production, but difficult and costly to recover.
When the Japanese parent company withdrew after energy costs soared, Electric Glass Fiber went bankrupt. During a podcast for BNR, curator Jeroen Reiziger talks about how he faced the complex task of liquidating the plant while ensuring the safe recovery of platinum worth millions.
This was no ordinary auction. Beyond the sale of machinery and equipment, the process involved safeguarding environmental safety, preventing theft, and extracting rare metals embedded deep in the ovens.
The story captured attention not just for the bankruptcy, but for the question of what would happen to the platinum. In the end, the recovery succeeded, and assets were auctioned through Troostwijk.
For Groningen, it was the end of a unique industrial operation. For Troostwijk Auctions, it was proof of its ability to manage technically demanding and high-value cases. The platinum returned to the market, and a fiery chapter of industry gave way to new beginnings.
Listen more about this auction: BNR Podcast: Wat gebeurde er met de miljoenen aan platina uit de ovens van Electric Glass Fiber?
