Industrial holding group High Tech Industries (HTI, Neudörfl / Austria; www.hti-ag.at) needs an injection of capital to survive the present economic crisis. CEO Peter Glatzmeier, who holds over 25% of the company’s shares in conjunction with Supervisory Board member Kurt Helletzgruber, is looking for further financial partners "to counteract the massive impact of the financial, automotive and economic crisis and its repercussions on the group’s business”. The extent of a possible financial investment has not been disclosed.

Glatzmeier said that volume sales of automotive products had declined sharply in past months, but did not give any details. He does not expect the general economic situation to improve in the short term but assumes that increased financing will give HTI a sound basis for future development. Publication of the 2008 results has been rescheduled from 28 April 2009 to 28 May 2009, presumably because of the ongoing negotiations with potential investors.

HTI apparently has debt of around EUR 165m as a result of recent acquisitions. The group has 550 employees, mainly at its facilities in Austria, Germany and the Slovak Republic, which supply parts to the automotive industry.

In addition to endeavouring to secure financing, Helletzgruber is taking over the management of subsidiary DI Hitzinger for a temporary period. Currently a member of HTI’s Supervisory Board, Helletzgruber was CEO until Glatzmeier took office at the start of 2008.