- Maue business situation drives supplier Recaro into bankruptcy
The challenging automotive supplier market and the loss of a major contract are the reasons behind the insolvency filing of the long-standing car seat manufacturer Recaro. The company announced this after previously informing about the insolvency. The wages and salaries of the approximately 200 employees are secured in the initial self-administration insolvency proceedings through insolvency allowance. Production will be maintained at full capacity to continue fulfilling all orders and new customer inquiries.
Recaro Automotive GmbH last generated around 50 million euros in revenue. The traditional company aims to strengthen its regional and global position through the insolvency proceedings in initial self-administration under judicial supervision. It hopes to soon stand on solid economic footing again. The preliminary insolvency administrator is Stuttgart lawyer Holger Blümle. He will examine the financial situation of Recaro and monitor the management.
The IG Metall was surprised by the insolvency application. Works council chairman Frank Bokowits said that the management had lost the trust of the workforce. "In recent years, employees have made many sacrifices to support the company."
Despite the challenges in the automotive supplier market and the loss of a significant contract, Recaro intends to utilize the insolvency proceedings to boost its regional and global employment opportunities, aiming to secure its financial stability once more. The preliminary insolvency administrator, Holger Bluemle, will oversee this process and ensure the company's employment needs are considered during the financial assessment and management monitoring.
