Insolvency proceedings relating to the assets of Minda KTSN Plastic Solutions (Pirna / Germany; www.ktsn.de) are scheduled to begin at the end of July/beginning of August 2020. This was confirmed by the provisional insolvency administrator Rainer Bähr from law office Hermann Wienberg Wilhelm (HWW, Frankfurt / Germany; www.hww.eu/en) in response to an inquiry from Plasteurope.com. He is holding negotiations with a dozen interested parties, including both holding companies and strategic investors. Bähr emphasised that the situation for the company – which is aligned almost exclusively to car production – was “extremely difficult” in view of the current circumstances.

At the beginning of June, the company applied for the opening of insolvency proceedings at the German district court of Dresden. Its business operations are currently continuing without restrictions. This also applies to subsidiaries Minda Schenk Plastic Solutions in Bydgoszcz / Poland and Minda KTSN Plastic Solutions Mexico. The business of its subsidiary company that was established in the Czech Republic in 2015 has since been transferred to the company in Pirna, and the workforce there is also employed at Minda KTSN. Bähr wants to take Czech production back to Pirna after the works holidays in August.

A sister company of Minda KTSN – formerly Minda Schenk Plastic Solutions in Esslingen / Germany – filed for insolvency back in 2013 (see Plasteurope.com of 13.01.2014). After that, its Indian parent company Spark Minda (Noida, Uttar Pradesh / India; www.sparkminda.com) said that future investments should instead be channelled into Minda KTSN.

Spark Minda, which was last valued at USD 645m (around EUR 550m), has for some time been oriented towards supplying products for electric vehicles, according to CEO Ashok Minda. It may be that Minda KTSN, which is focused on plastic parts such as glovebox components, drink holders and seat trim, no longer fits in very well with this concept.