Lawyer Nikolaus M. Schmidt from Halle/Saale has been appointed as the insolvency administrator. "Of course, the aim is to preserve the company," the "Freie Presse" quotes the provisional administrator as saying.
Cast parts produced for the struggling automotive industry
The Plauen-based company is part of the HAL Group and, according to its own information, emerged from the Vogtland machine tool factory in 2005. It processes cast parts for corporate customers such as car manufacturers Volkswagen and Mercedes. The company website reports a turnover of 24 million euros for 2017. The crisis-hit company has not yet responded to enquiries from MDR SACHSEN. In 2019, the parent company wound up the casting plants in Leipzig due to a lack of orders.
The German automotive industry and its suppliers are currently suffering from a number of issues, such as the reluctance to buy due to inflation, supply chain problems and the extensive phase-out of classic combustion engines after 2035 decided by the EU in Brussels.
Source: www.mdr.de
