Kunze Group produces safety-relevant parts for the automotive industry, which are used in brake, chassis and climate systems. The insolvency administrators Rüdiger Wienberg (Gebrüder Kunze GmbH) and Kai Dellit (Ibex Automotive GmbH), partner at hww hermann wienberg Wilhelm law firm, have successfully continued the business of Kunze Group, based in Gelenau, Zittau and Schönbrunn, during a nearly one-year long lasting investor process. With this transaction, all of the 400 employees of Kunze Group will keep their job. The parties agreed not to disclose the value of the transaction.
At the same time, US parent MacLean-Fogg Company sold its shares of PWK Automotive as part of a management buy-out to HANNOVER Finanz as a new equity investor and majority shareholder. Through the acquisition of Kunze Group, PWK Automotive Group with its traditional press plant at Krefeld, will evolve as a leading metal forging company in Germany. Both transactions still require the approval of antitrust authorities.