Looking for investors
automotive supplier Dr. Schneider is bankrupt
09/07/2022 at 9:29 p.m
In the middle of the conversion and while looking for a strategic investor, the automotive supplier Dr. Schneider filed for bankruptcy. Around 1,400 employees are affected at the Bavarian location.
The Bavarian automotive supplier Dr. Schneider is bankrupt. The company has submitted a corresponding application to the district court, reports the broadcaster Radioeins from Coburg and the “Neue Presse”. They are citing court information. The preliminary insolvency proceedings have already been opened. The company, founded in 1927, employs around 4,000 people worldwide. Around 1400 employees work at the headquarters in Neuses. There is also a production site in Judenbach, Thuringia. The group also has plants in China, Poland, Spain and the USA.
For the past year, the company estimates its revenues at 451 million euros. Customers include the car manufacturers Audi, BMW, Daimler, Ferrari, Jaguar Toyota and Volvo. According to the information, the portfolio includes ventilation systems, decorative panels, panels and add-on parts as well as storage systems and center consoles.
The company only announced in August that it had a good order situation and was looking for an investor. At the same time, processes were to be streamlined and costs reduced. There is an “enormous need for capital” in order to “maintain and further expand” the “leading market position” for the interior of luxury cars over the next few years. There is a lack of size and financial resources “to be able to bring the company forward on its own worldwide, as market developments require”.
However, the group initially felt that it was on the right track. “The initial contact with potential interested parties that has taken place so far has been very promising, we have received numerous serious expressions of interest from possible partners,” it said four weeks ago.