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PCB giant Ruwel also insolvent
The German PCB manufacturer Ruwel is insolvent. The company had to file for insolvency proceedings with the district court in Kleve today. Horst Piepenburg was named as provisional insolvency administrator.
The automotive crisis was blamed for triggering the financial difficulties. Ruwel earns around 58% of its revenue from the automotive industry. As evertiq reported earlier, the company asked the city council of Geldern in December 2008 for €1 million in aids. However, the city rejected the request.
The Geldern facility, which is almost entirely serving customers from the automotive industry currently runs at a capacity below 50%. The facility in Pfullingen - specialised on a different customer base (mainly industrial and medical electronics) runs on 70% capacity. Management and staff is the insolvency - issued at a very early stage - as a chance to continue a viable concept, in which the company will be able to maintain the largest possible number of jobs.
Wages and salaries of more than 600 employees in Geldern and Pfullingen have always been paid fully and on time, unlike in other significant insolvencies in the German PCB industry.
"The operations at RUWEL continue without further restrictions. Due to the low utilization rates, customer orders will be completed at very short throughput rates," confirmed the insolvency administrator Horst Piepenburg. Major supplier partners have pledged their support. Likewise, many loyal customers have expressed their interest in keeping its supplier basis.
