BERLIN (Reuters) -German automotive supplier Kiekert has applied for insolvency, according to a court document seen by Reuters on Tuesday. Two core businesses - Kiekert AG and Kiekert Holding GmbH -
Kiekert, German Auto Supplier, Files for Insolvency Amid Industry Struggles
BERLIN (Reuters) -German automotive supplier Kiekert has applied for insolvency, according to a court document seen by Reuters on Tuesday.
Two core businesses - Kiekert AG and Kiekert Holding GmbH - have initiated insolvency proceedings and Joachim Exner has been appointed as administrator on an interim basis, the document showed.
Kiekert, which specialises in locking systems, has 4,500 employees in 11 locations, according to its website.
The company did not immediately respond to a request for comment from Reuters.
Germany's automotive industry is grappling with falling demand, high energy costs and the costly transition to electric vehicles, prompting carmakers and their suppliers to shed jobs.
On the supplier side, Continental and Schaeffler are among the companies cutting jobs.
(Reporting Alexander Huebner, Writing by Friederike Heine, editing by Rachel More)
