HEILIGENHAUS/WUPPERTAL (dpa-AFX) - The insolvent car lock specialist Kiekert is looking for a new owner. According to insolvency administrator Joachim Exner, several investors have already expressed interest in a takeover. "The high level of investor interest offers Kiekert good prospects for the future." Further details on potential buyers or the expected duration of the sale process were not disclosed.
According to Exner, the car manufacturers and clients are supporting Kiekert's restructuring and would like to continue the collaboration. Since filing for insolvency, the company has not lost a single order. Kiekert has "good chances for a fresh start."
Business operations continue
The insolvency proceedings for Kiekert AG were opened by the Wuppertal District Court on December 1. The company had filed for insolvency in September. Business operations have continued as normal since then. Orders are being manufactured and delivered on time, according to the company.
The previous shareholder, Chinese automotive supplier Lingyun, has stated that it no longer intends to withdraw the insolvency application and therefore no longer has any decision-making powers, said Hakan Civelek, managing director of IG Metall Velbert.
Lingyun could not be reached for comment. In October, the company had reaffirmed its intention to remain the owner of Kiekert.
Kiekert locks are found in luxury cars worldwide
The insolvency affects nearly 700 employees in Heiligenhaus in the district of Mettmann. According to IG Metall, nearly 300 of them work in production. More than 200 are employed in the development department. The rest work in sales or data processing, for example. Kiekert is in a position to pay its employees' wages and salaries from its own resources, said Exner. Up to and including November, they had been covered by insolvency payments.
According to the insolvency administrator, Kiekert is the global market leader for automotive locking systems. The company is considered the inventor of the modern central locking system. Kiekert locks can be found in cars from Mercedes, Aston Martin, and Rolls-Royce, among others.
The group employs 4,500 people. Kiekert AG's foreign subsidiaries in Europe, Asia, and North America are not affected by the insolvency proceedings./cr/DP/nas
