One of the latest automotive supplier to run into serious trouble is Germany’s Philippine Technische Kunststoffe (Lahnstein), which filed for insolvency in early October 2023 reportedly due to debt issues. The judges subsequently appointed local lawyer Jens Lieser (Koblenz; www.lieser-rechtsanwaelte.de) to serve as provisional liquidator.

Other units in the Philippine Group are said to be unaffected by the insolvency, including the German insulation materials subsidiary. 

The business operations at the car parts maker are said to be continuing without restriction, with wages and salaries of the 300 some employees secured until the end of December 2023. Customers can also count on being reliably supplied in the future, according to Lieser, who said he is aiming to keep the company running and retain as many jobs as possible. 

Philippine Technische Kunststoffe processes polyurethane foams for acoustics uses, energy absorption, and comfort foam, above all for the automotive industry. The portfolio also includes foam-moulded components of expanded polypropylene (EPP), for example, head restraints, mouldings for the foot space, and crash pads, and various components for other branches of industry, including charge carriers, special packaging, food transport containers, and insulating boxes made of EPP. 

The company reported sales last year of around EUR 60 mn.