The German automobile supplier, Voit Automotive, has filed for insolvency under self-administration.
According to WirtschaftsWoche, the takeover by the Chinese company Millison Technologies fell through last week, due to the difficult situation in the German car market. The failed deal led to loans no longer being extended due to a lack of profitability and competitiveness.
The Saarland Ministry of Econ0mic Affairs described the rejection to Saarbrücker Zeitung as a setback. Now a new solution for the aluminium die casting specialist.
The restructuring consultant Matthias Bayer said that Voit has entered self-administration proceedings, which he said would allow the firm to take a deep breath after some grueling weeks. In the coming months, a plan for restructuring the company will be drawn up with the aim of saving as many jobs as possible.
2,000 jobs at risk
The potential collapse of the company threatens over 2,000 jobs. Around 1,000 are said to be in St. Ingbert, while others are employed in France and Poland. The employees' wages will be secured until March via the insolvency substitute benefits. From April, salaries will then be paid by the company again.
Every sixth insolvency from the automotive industry
According to management consultants Falkenstein, one in six insolvencies in Germany in 2024 was an automotive supplier. Last year, there were 65% more insolvencies in this sector than in the previous year. Falkenstein projects a further increase in insolvencies in 2025, by 20 to 25 percent.
According to the Voit website, the company is currently a supplier for 45 brands, including Audi, BMW, Mercedes, VW, Siemens, Ford, Chrysler, Jaguar and Land Rover.
The provisional administrator proceedings are said to be handled by Martin Kaltwasser of the law firm Lieser.
Source: www.wiwo.de