MUNICH — German provider Allgaier, whose clients embody Porsche, has filed for insolvency, a court docket stated on Wednesday, a yr after being bought to a Chinese language investor.
The Goeppingen district court docket stated it had appointed Pluta legislation agency’s Fritz Zanker as provisional insolvency administrator.
Allgaier, which has about 1,700 workers, provides main automakers with sheet steel elements and can also be energetic in toolmaking and course of engineering.
In July 2022, China’s Westron Group acquired Allgaier, bringing with it recent fairness capital, after a restructuring beginning in 2020 had put it again within the black operationally. Nevertheless, by the top of 2022, it had missed gross sales expectations.
Neither the corporate nor Zanker was instantly obtainable for remark.