Utescheny AG in trouble

Plastics specialist about to be declared insolvent

Zaisenhausen, Germany. Utescheny AG in Zaisenhausen and its subsidiaries in Sinsheim and Bretten-Goelshausen will probably be declared insolvent in October according to the provisional insolvency administrator.

Attorney Tobias Hoefer and his partner Marc Schmidt-Thieme are currently responsible for the companies' business and their 350 employees.

Only C+M Utescheny Spritzgie§technik, which has approximately 260 employees, is not involved in the insolvency process. C+M represents around 60 percent of the group's total sales, which were approximately 95 million euros in 2003.

The group produces plastic components for dashboards, consoles and door panels.

According to Hoefer, the order situation is good.

Negotiations with prospective purchasers are under way. Hoefer prefers to sell the companies as a package.

He blames Utescheny's difficulties on a dispute between associates, which has been going on for several years; price pressure coming from automobile manufacturers; and the industry's generally difficult.

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