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Recaro Automotive files bankruptcy
Posted on 7/30/24 at 5:11 pm
Posted on 7/30/24 at 5:11 pm
Recaro files for bankruptcy
quote:
The world's most famous automotive seat manufacturer is out of money.
On Monday, Automobilwoche reported Recaro Automotive filed bankruptcy through Germany's Esslingen District Court.
Recaro Automotive GmbH reportedly has 215 employees at its factory in Kirchheim under Teck, Germany.
Autocar reported employees were caught off guard and not made aware of the bankruptcy filing beforehand.
"We expect all options to be exhausted in order to secure jobs and find a sustainable solution," major trade union IG Metall said, according to Automobilwoche.
Recaro Automotive is the only division that filed bankruptcy. The company is splintered and complicated. Recaro also makes aircraft office, and gaming chairs along with baby seats. Those products all come from different divisions, which are unaffected by the bankruptcy filing.
In 2011 Johnson Controls acquired the Recaro Automotive division. John Controls morphed into Adient in 2016, and then sold Recaro Automotive to Detroit-based private investment firm Raven Acquisitions, LLC in 2020.
It's unclear what the bankruptcy filing means in the immediate future for Recaro Automotive. The company is responsible for producing high-performance seats for various vehicles, including the optional high-back seats in the Ford Mustang Dark Horse.
3
Posted on 7/30/24 at 5:12 pm to bad93ex
quote:
Recaro Automotive files bankruptcy
quote:
sold Recaro Automotive to Detroit-based private investment firm Raven Acquisitions, LLC in 2020.
Wow, what a surprise.
Posted on 7/30/24 at 5:16 pm to bad93ex
Well, that sucks.
They were the kings for a long time.
They were the kings for a long time.
Posted on 7/30/24 at 5:17 pm to JohnnyKilroy
quote:
Recaro Automotive to Detroit-based private investment firm Raven Acquisitions, LLC in 2020.
Oh.
Posted on 7/30/24 at 5:18 pm to N2cars
quote:
They were the kings for a long time.
I like my Recaro seats in my car but I am sure they will be absorbed by another automotive company for pennies on the dollar.
Posted on 7/30/24 at 5:21 pm to N2cars
I have a recaro office chair going on approximately 15-16 years of use. Still firm and solid as ever. Back-saver for sure.
Posted on 7/30/24 at 5:21 pm to N2cars
quote:
Recaro Automotive to Detroit-based private investment firm Raven Acquisitions, LLC in 2020.
Is this a Private Equity situation where they feast on the company and leave it to the proverbial ravens afterwards?
Posted on 7/30/24 at 5:36 pm to Warfox
quote:
Is this a Private Equity situation where they feast on the company and leave it to the proverbial ravens afterwards?
PE bros being PE bros. Bleed it dry, then file to restructure debt. It's right out of the HBS/Wharton handbook.
Posted on 7/30/24 at 6:28 pm to bad93ex
quote:
Recaro Automotive files bankruptcy
That's bound to happen when you can't manage to caro right the first time.
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