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Auto supplier in financial distress: Honsel files for bankruptcy

Auto supplier in financial distress
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In addition to the headquarters in Meschede, the company has other plants in Sauerland and Nuremberg. Honsel is also active in France, Romania, Spain, Brazil and Mexico. Honsel employs around 4,000 people worldwide, including around 2,200 in the Sauerland and 700 in Nuremberg. A statement from the company was not initially available. Most recently, Honsel had turned over around 540 million euros. Customers include VW, ZF and Ford, among others.

Main owner without an economic concept

Honsel had already hit the headlines last year: The company was only in the fore through debt relief from its creditors May 2009 been saved from bankruptcy. The light metal foundry had been in financial difficulties for some time, despite good business. In 2004 RHJ International in Brussels, a subsidiary of the US financial investor Ripplewood, took over Honsel AG. Because the takeover was largely financed by credit, Honsel suffered from an immense debt burden. Last year, the creditors forgave the company's debts of 370 million euros and had a 49 percent stake in Honsel AG.

The IG Metall representative Wolfgang Werth from Arnsberg was not very surprised by the insolvency. 'The main owner has always left the workforce out in the rain and had no economic concept, but always only looked at the money of customers and employees,' he said. According to Werth, business at Honsel is going well. Work is carried out in five shifts. 'Bankruptcy offers the chance to get rid of locusts and financial investors and to find a strategic investor again.'


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