German automotive parts manufacturer Prinz & Co. GmbH Stahlrohre, also known as Prinz-Mayweg, has filed for insolvency. The company, established in 1896, specializes in precision steel tubes used in car seats, dashboard supports, airbag brackets, and hydraulic tailgate struts.
The insolvency proceedings began on September 9 following a local court order. Interim administrator Christian Holzmann cited the downturn in the automotive industry, rising costs for raw materials and energy, and high fixed costs as the primary reasons for the financial crisis.
The company experienced a sharp decline in revenue during the summer, leading to severe liquidity issues. Currently, 310 jobs at the German manufacturing site are at risk, though the facility continues to operate. Employees are guaranteed full salary payments for the next three months through the German insolvency insurance mechanism.
Management is now focused on restructuring the business. The company has initiated negotiations with key clients and suppliers and is actively seeking strategic investors to stabilize operations.
