GERMANY: Acoustic supplier insolvent
German supplier Stankiewicz has commenced insolvency proceedings.
Stankiewicz produces insulation and acoustic components and had a turnover of EUR272m in 2007. Around 1,250 jobs in Germany are threatened, and around 2,000 jobs worldwide.
The company ran into difficulties towards the end of last year because of the global financial crisis. Outside of Germany, it has plants in Brasil, Italy, Japan, South Africa. Last year it opened a new factory in Alabama, USA.
The company's main customers were BMW, Daimler, General Motors, VW/AUDI, MAN and Renault.
The news follows the collapse of Austrian automotive textile and interiors supplier Eybl also this week. Receivers at both companies are hoping they will be sold on as going concerns.