MUNICH — German supplier Allgaier, whose customers include Porsche, has filed for insolvency, a court said on Wednesday, a year after being sold to a Chinese investor.
The Goeppingen district court said it had appointed Pluta law firm’s Fritz Zanker as provisional insolvency administrator.
Allgaier, which has about 1,700 employees, supplies major automakers with sheet metal parts and is also active in toolmaking and process engineering.
In July 2022, China’s Westron Group acquired Allgaier, bringing with it fresh equity capital, after a restructuring starting in 2020 had put it back in the black operationally. However, by the end of 2022, it had missed sales expectations.
Neither the company nor Zanker was immediately available for comment.
This article was originally published by Autonews.com. Read the original article here.