According to foreign media reports, seat supplier Recaro has filed for bankruptcy.
According to Autocar, on July 29, a German court approved Recaro to manage himself.
Recaro supplies sports seats to automakers such as BMW, Ford, and Volkswagen Group.
It is unclear what impact the bankruptcy filing will have on Recaro.
According to reports, the IG Metall union, which represents 215 workers at Recaro’s unter Teck plant in Kircheim, Germany, said it was unclear what bankruptcy means for employees and that the union has asked Recaro’s top management to increase transparency.
Local media reported that employees were not told that the company would file for bankruptcy.
As early as January 2020, Recaro announced the sale of its business to Raven Acquisitions, a private investment firm based in Detroit, Michigan.
At the time, Recaro reported revenue of approximately $150 million in 2019 and said the new ownership would allow the company to prioritize production of seats and allow “a shorter and faster decision-making process, allowing greater flexibility to better meet market demand.
” It is unclear what financial measures led to the company’s bankruptcy filing.
, Photo source: Recaro,Recaro’s history dates back to 1906, when Wilhelm Reuter, the “master of riding gear”, began designing and manufacturing car bodies and interior parts.
In 1965, Recaro introduced the first sporty car seat, and in 1967 it introduced the first full-shell seat that could be legally roadworthy.
The company’s later innovations include seats with speakers on the headrest (1977), Recaro A8 sports seats with plastic backs (1989), and the first modified seat with side airbags introduced in 2004.
In 2005, the company designed seats with new lightweight composite shells.
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