Economic Situation Insolvency at Pressmetall - All 504 Employees Dismissed
The crisis in the automotive industry continues - especially the automotive suppliers are feeling the effects. After numerous companies have already filed for insolvency, the German supplier Pressmetall is also affected.
Presumably before Christmas, all 504 employees of the Franconian automotive supplier Pressmetall will receive their notice. Unlike the Pressmetal plant in Hoym (Saxony-Anhalt), no solution could be found for the site in Gunzenhausen. After numerous attempts to save the plant, the last investor withdrew from the bidding process due to the excessive risk. Since December 2019, Pressmetall has been undergoing a remediation process under its own management, but without an investor, the closure of the site is inevitable.
Read the comments of industry experts on the current situation or watch the German-speaking video:
The reasons for the closure are not surprising. Similar to the supplier Nemak, liquidity bottlenecks due to declining orders from major customers have led to the existing difficulties. These are largely due to uncertainties resulting from the transformation of the automotive industry. The COVID-19 pandemic further aggravates the situation.