The automotive industry is currently experiencing a number of setbacks. After the bankruptcy of a renowned supplier, another market leader is now affected.
Mutlangen – The wave of bankruptcies in Germany is once again not sparing the German car industry. After the recent bankruptcy of an automotive supplier, it has now hit an industry leader from Baden-Württemberg. This joins the bankruptcy of a large bratwurst manufacturer, the bankruptcy of a prominent insurer and the bankruptcy of a renowned traditional manufacturer last month.
Industry leader is insolvent: Automotive supplier from Baden-Württemberg is bankrupt
We are talking about the company Mürdter from Mutlangen, which, like the automotive supplier Recaro, had to file for bankruptcy. Official documents from the Aalen District Court dated August 5th show that both Mürdter companies are insolvent. According to them, Mürdter Metall- und Kunststoffverarbeitung GmbH and Mürdter Werkzeug- und Formenbau GmbH have filed applications for the opening of insolvency proceedings.
Ulm lawyer Arndt Geiwitz was appointed as the provisional insolvency administrator for the metal and plastics processing company. Patrick Wahren is the provisional administrator for the insolvent Mürdter Werkzeug- und Formenbau GmbH. Both restructurers are employees of the Schneider Geiwitz law firm. The former has been one of the best-known insolvency administrators in Germany since the insolvency of the Signa Group, headed by Austrian billionaire René Benko, and the Galeria Kaufhof department stores.
Car supplier files for bankruptcy: future of workforce remains uncertain
What the future holds for the automotive supplier is currently as unclear as the fate of its workforce. According to the RemsAccording to the newspaper, the matter is still too new for the insolvency administrators to provide further information or a roadmap for the insolvency.
It is also unclear exactly how many employees are affected by the bankruptcies. After the Mürdter Group was taken over in 2021 by Xandor Mürdter Automotive GmbH, which is part of Quantum Capital Partners from Great Britain, Mürdter employed 285 people at the Mutlingen site. In total, the company had four locations in Germany and the Czech Republic, with the group of companies employing around 585 people.
For 30 years, the brothers Normann and Robert Mürdter were at the helm of the company as managing directors. “As there is no successor solution, we decided to integrate our company into a larger group of companies and sell it to Xandor,” Normann Mürdter explained the takeover at the time, according to the Swabian PostAccording to them, Xandor was the “preferred partner” for the takeover. “We already pursued a number of projects together a few years ago,” the managing director continued. Despite the takeover, the company should retain its operational independence.
Industry leader is insolvent: Automotive supplier was a leader in door handles and center consoles before bankruptcy
While the exact reasons for the insolvency are not yet known, the various problems currently affecting the automotive industry are likely to have contributed to the bankruptcy. It is also a bitter loss for the industry, as the Mürdter Group is considered a leader in its field. According to its own website, the company specializes in injection molded parts.
These include door handles, backrests and covers for the centre console. So, in addition to an insolvent global market leader, another industry leader with headquarters in Baden-Württemberg is now affected.
More and more bankruptcies in Germany: Analysis shows worrying trend since the beginning of the year
However, the latest insolvency is part of a trend that has gained momentum since the beginning of the year, especially in Germany. According to a recent analysis by the Falkensteg management consultancy, which IPPEN.MEDIA According to the latest data, the number of major insolvencies rose by 41 percent in the first half of 2024 compared to the same period last year. “Rescuing companies from insolvency is becoming increasingly complex. High interest rates make the acquisition of insolvent companies more expensive or unattractive. In addition, uncertain sales due to the general economic situation are deterring potential investors,” explains expert Jonas Eckhardt, partner at the Falkensteg management consultancy.
Eckhardt predicts that this trend will continue in the long term and that there will be further bankruptcies, such as a 208-year-old traditional company, a leading barbecue equipment supplier or even a German ski resort: “Many companies have to change in order to survive in the dynamics of international trade.”