Kautex Maschinenbau Group announced that a series of exogenous factors has led it into insolvency, and that it has been in preliminary self-administration since Aug. 25.
The group had begun a global transformation process in 2019 with the aim of realignment. In its press release the Bonn, Germany-based supplier of extrusion blow molding technology said factors including the shift from combustion to electric engines in the automotive industry, the COVID-19 pandemic and supply chain issues have all led to its current state. It said operations in Bonn will continue with no restrictions, while operations at its site in Shunde, China, are unaffected.
“Our realignment was affected by many developments over which we had no influence. We are proud of our progress in the Group, which we nevertheless achieved together as Team Kautex," said Kautex CEO Thomas Hartkämper. “… The next steps are not easy for us, but we will not let this deter us from our path either.”
CFO Julia Keller added, “A structured M&A [mergers and acquisitions] process has already been set up and intensive negotiations have been conducted with several potential investors. This process will continue and is currently ongoing.”
Kautex said the goal of its transformation is to make sustainability affordable for customers.
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