6/1/2012 11:07:00 AM
NEWS BRIEFS
Former Acument Fastener Firm Seeks New Ownership
Ruia Global Fasteners AG, formerly Acument GmbH and Co. KG, reportedly is seeking new ownership after filing for bankruptcy, according to a report by German newspaper Westdeutsche Zeitung.
Ruia Global Fasteners was acquired in February 2011 for an undisclosed sum by the Ruia Group, led by entrepreneur Pawan Kumar Ruia. News reports indicate during its brief ownership tenure Ruia Group was unable to inject funds into the company to make it viable.
Neuss, Germany-based Ruia Global Fasteners employs around 1,300 people to manufacture automotive fasteners. The company processes 55,000 tons of metal annually, supplying parts to car makers such as Volkswagen AG, BMW AG, Daimler AG, General Motors and Ford.
“In view of the excellent products and global market position of the Ruia Global Fasteners, there is a very good chance for selling its business operations to a new investor and preserving most jobs,” provisional liquidator Frank Kebekus told Westdeutsche Zeitung.
After facing insolvency during the global recession, Ruia Global Fasteners of Germany began hiring back its workforce in early 2011 investing in new efficient machinery to win back market share, the Hindu reported.
Ruia Global Fasteners operates four plants and a logistics center in Germany. The company manufactures specialty fasteners including bolts, hexagonal screws and other precision products.
The company has about 130,000 sq mt of production area in its 4 plants in Germany.
Ruia Global Fasteners is one of three Ruia Group firms in Europe to seek bankruptcy following insufficient restructuring. ©2012 GlobalFastenerNews.com
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