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Kogel files for insolvency
CM COVER STORY GERMAN TRAILER giant KOgel has filed for insolvency, citing "drastic market distortions in the logistics Industry".
The Bavarian manufacturer, which posted a turnover of €440m (E373.9m) up to the end of 2008, said that similar to the entire industry, it has had to fight since the onset of the financial crisis in September of last year, but had seen a "demand breakdown" of 90%.
Filing for insolvency will affect around 1,150 workers, including 830 in Germany. Its sister company in France, Jean Chereau SA, is not affected. It is understood that the appointed insolvency practitioners are looking for an appropriate way for the business to continue trading.
Back in March, when KOgel unveiled its
most recent set of financial results, it said it had experienced a sharp fall in incoming orders, even though it believed it was not to the same extent as other manufacturers.
In an interview with CM('Staying afloat', CM 22 January), KOgers chairman of the board of directors, Alexander Tietje, said: "We've prepared ourselves for a difficult 2009."
The firm expected to sell between 1,500 and 2,000 units this year, resulting in €50m (43m) in revenue. It sold approximately 24,000 units, earning €540m (£459m) between July 2007 and June 2008.