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Restructuring of Cinterion Wireless Modules

Case Study


Cinterion Wireless Modules needed a quick replacement for its CFO, who had fallen ill. The consolidated annual accounts and the open negotiations from the Siemens spin-off process had to be taken to a successful conclusion. Bank financing and a cost-reduction program also needed to be managed. 


Atreus made a success of the Cinterion Wireless Modules restructuring. With his transparent and focused approach, the Atreus manager was able to quickly build up a stable trust-based relationship with stakeholders. He just as quickly identified potential savings that led to lasting earnings improvements. 

Interview with Norbert Muhrer, CEO of Cinterion Wireless Modules

What was the situation at Cinterion when you called on Atreus?

Cinterion Wireless Modules was born out of the former Siemens business line Wireless Modules. Specializing in wireless modules for machine-to-machine communication (M2M), this Siemens unit was taken over in a buy-out by GranvilleBaird. Due to the global economic crisis, the company suffered a sudden drop in monthly run rates. Also, many of the unresolved issues from the Siemens spin-off had to be dealt with in this difficult and tense phase. Then we lost our CFO in this crucial situation and quickly needed an interim manager with the right credentials for the buy-out. 


"Today, value increases are generated almost exclusively through operational restructurings and interim managers are ideal for that."

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You want to know what Atreus can do for you in a similar situation?
Contact Dr. Harald Linné, CEO.

+49 89 452249-200 Harald.Linne(at)

"One key success factor was that the Atreus manager very quickly gained the trust and confidence of stakeholders. He also worked with a very hands-on approach."

What special abilities did the interim manager have to bring with him?

He had to have international top management experience as a CFO in the telecommunications field; someone who knew how a company ticks that comes from a group structure like the one at Siemens, but who nonetheless had an SME-type approach. The interim manager had to integrate himself into the team fast and immediately continue implementing the measures that had already been initiated before his arrival.

Flexibility and speed are crucial in the global telecommunications market. How did the interim manager help in that respect?

As a leading company on the world market with an unparalleled global orientation, Cinterion is in pole position for actively shaping the rapidly growing M2M market. The Atreus manager took on and solved crucial issues in no time at all. That was a significant success factor for the continued restructuring of the company. 

Norbert Muhrer is CEO of Cinterion Wireless Modules. Prior to taking up this position, he was President and CEO of the Wireless Modules division of Siemens from 2006 onwards. He has more than 20 years of experience in the industry and has held a very wide range of management positions, all around the world.


"One key success factor was that the Atreus manager very quickly gained the trust and confidence of stakeholders. He also worked with a very hands-on approach."

What objectives did you prescribe and how did you measure the project’s success?

The Atreus manager had a broad background, so taking over the ongoing issues in the controlling, accounting, treasury, IT and IR divisions was among his responsibilities – as was the completion of the consolidated annual accounts. All the unresolved issues from the Siemens spin-off were also on the roadmap, as were upholding the contacts with banks and investors. 

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"The Atreus manager is now a permanent member of our management board – that says it all about how much of a success he was."

Can the Atreus manager’s successes be seen in specific figures or developments?

The Atreus manager made a very valuable contribution to the many and complex issues in the spin-off agreement. His open-minded and result-oriented approach was of considerable importance and he also quickly identified potential savings. That convinced the stakeholders, and the board of directors decided to appoint the interim CFO to their ranks on a permanent basis so that they could benefit from his expertise for the future development of the company as well. 

What was the biggest risk in the project?

That the interim manager wouldn’t manage to quickly gain acceptance in what was a new environment for him. The stakeholders were understandably nervous about various critical matters as a result of our CFO not being able to work. The Atreus manager solved this problem consummately, with a great deal of tact and a reliable instinct. 

Atreus is the leading interim management provider in Germany and one of the largest in its field in Europe. We solve difficult operational management and transformation problems quickly and reliably. Contact us and find out how we can help you master your situation with management expertise that is available at short notice and that is the perfect fit for you.

Atreus is a co-founder of Globalise – the market’s leading and largest provider of international interim management. Accelerating change and delivering success. Worldwide. Structured as a global group of leading interim management firms, Globalise has the reach to support you in solving your company’s most important issues around the world.

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