BOTZINGEN, Germany -- Peguform GmbH, the insolvent European arm of Venture Holdings Co. LLC, will cut 700 jobs, 500 of them at its headquarters here.
Peguform has operated under court protection for two years. It first filed for insolvency in May 2002 because it lost a line of credit required to ensure prompt payment of suppliers. The injection molder of interior and exterior parts has continued to operate.
Parent company Venture of Fraser, Mich., entered Chapter 11 in March 2003.
The German supplier, with more than $1 billion in sales to European automakers, has been the focus of rumors of a potential sale, but no deal for the entire business has come to fruition.