Steering specialist tedrive has gone bust. The company was declared bankrupt at an Aachen court on Wednesday and insolvency proceedings have begun.

tedrive employs around 1,500 people in Düren and Wülfrath.

Production facilities in Poland and Brazil, as well as subsidiary tedrive Holding BV are still trading.

Management reportedly has said the company will continue trading while in receivership.

German media is viewing tedrive as the first casualty of the current automotive demand crisis and expects more small and medium-sized companies to fail.

tedrive employs 2,600 worldwide and has an annual turnover of around EUR0.5bn.

tedrive Germany in Düren manufactures drive shafts and differentials. Tedrive Steering in Wülfrath produces steering systems. The Tedrive group is based in Heelen, the Netherlands.

See also: RESEARCH ANALYSIS: Review of steering systems

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