80 years of tradition ended with bankruptcy. Süddeutsche Gelenkscheibenfabrik announces bankruptcy
The crisis in the automotive industry affects another supplier. The company Süddeutsche Gelenkscheibenfabrik (SGF) has filed for bankruptcy – reports the specialized portal autohaus.de.
The company was founded in Bavaria in 1946 and has been producing car factories for nearly 80 years. In addition to three locations in Germany, the SGF Group also includes companies in the Czech Republic, the USA, Japan, China and Thailand. This year, the group recorded revenues of around EUR 110 million.
SGF based in Waldkraiburg, Bavaria submitted an appropriate application to the District Court. The goal is to restructure the enterprise.
A German company from the Moto industry with a bankruptcy application. Employees found out “on the beach”
According to the report, about 500 employees were informed about insolvency the day after submitting the application, when a significant part of the employees are on vacation.
“WhatsApp channels are full” – says one of the employees of the newspaper “PNP”. In the end, only some of the employees learned about the situation on the spot, while others learned about her “on the beach”. Although the insolvent company has announced that salaries and salaries are secured by pre -financing of insolvency benefits, uncertainty remains high.
The Management Board indicates a persistent difficult situation in the automotive industry as a cause of financial difficulties. The company intends to continue the restructuring process under the supervision of a temporary manager.
In connection with the insolvency, the managing directors of Arne Festerling and Josef Wimmer emphasized that the SGF has already reacted to growing challenges and took further action. They explained: “SGF's problem has not recently concerned the operational level, but rather a high level of debt and the associated ability to use it.” Despite the insolvency, the group is still able to develop innovative products. Now they count on an investor “who will use its potential and invest in a group in a targeted manner.”
