WKW automotive supplier: Bankruptcy threatens 2000 jobs.

Press report Automotive supplier WKW is bankrupt

2024-09-30 From Claus-Peter Köth | Translated by AI 1 min Reading Time

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Another automotive supplier, WKW, has filed for bankruptcy. Around 2,000 employees at the Velbert and Wuppertal locations are now worried about their jobs.

The WKW location in Velbert (Germany).(Image: WKW Group) — The WKW location in Velbert (Germany).
(Image: WKW Group)

The automotive supplier WKW (Walter Klein Group), known for high-quality decorative and functional parts made of aluminum, stainless steel, and plastic for luxury cars, filed for bankruptcy at the Wuppertal district court on Friday (20.9.), according to "Wirtschaftswoche".

Both Walter Klein GmbH & Co. KG, Wuppertal, and WKW-Aktiengesellschaft based in Velbert are affected. Now, 500 employees in Wuppertal and 1500 in Velbert are worried about their jobs.

In 2023, the WKW Group employed about 3,000 people worldwide and generated a revenue of 560 million euros in Europe and the USA.

The automotive supplier has been in crisis for years, and in 2022, the company was on the brink of bankruptcy. At that time, the state of North Rhine-Westphalia stepped in with a guarantee. However, the restructuring did not work as hoped.

Recently, there had been hope for another rescue. At the end of June, press reports announced that the shareholders of WKW had agreed on the terms of a takeover with a US investor. However, the deal fell through, leading to the bankruptcy.

Background

Founded in 1940, the WKW Group today, with its 18 subsidiaries and affiliated companies in Europe and North America, belongs to the Gert and Susanna Mayer Foundation. The remaining shares are held by Susanna Mayer.

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