Trimtech Autotechnik declares bankruptcy

Krefeld, Germany. Trimtech GmbH Autotechnik declared bankruptcy Oct. 24 at a district court in Krefeld. The company said it owes about 1.2 million euros to banks, which have blocked Trimtech's loans.

Trimtec, a passenger compartment design and development specialist, had sales of 15 million euros on 2002.

Trimtech managing partner Steven Madge blames the bankruptcy on a drop in orders, coinciding with the auto industry's overall postponement of production start-ups, and the poor paying habits of its customers. Madge declined to name the customers.

Trimtech subsidiary 2Compare and Trimtec Limited England will not be affected by the bankruptcy, Madge said.

Madge gained control of Trimtec from MT Technologies engineering group at the end of 2002.

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