German auto parts supplier Finoba filed for bankruptcy. The company was fully acquired by China automobile engineering in 2017, but it will still be sold again, German auto weekly reported on May 23.

    Hit by the outbreak, Finoba has run out of money, with a deficit of only euro3m, and filed for bankruptcy on May 15th.The search is on for a new buyer and inquiries have been made.

    According to hessian and lower Saxony reports (HNA), Finoba automobile company was founded in 1996 and acquired by China automotive industrial engineering co., LTD. (hereinafter referred to as China automotive engineering) in 2017, making it the first overseas enterprise 100% controlled by China automotive engineering.However, Finoba did not run smoothly as a result. Last year, there was a big change of management. The founder of Finoba left the company and became the general manager in China, then the general manager of sales in China and the general manager of technology in Germany.

    However, due to the impact of the epidemic, the company's cash flow chain was broken. Finoba sought financial help from China automobile engineering, but was rejected.Martin Kochy, general manager of Finoba technology, explained that China automobile engineering has been a supporter of Finoba and provided help to Finoba before the outbreak, but unfortunately the parent company refused to invest in Finoba.Martin Kochy says investors are already interested in the company.

    Finoba is mainly engaged in the production and processing of aluminum-magnesium alloy lightweight automotive die casting, and has been serving German automobile host manufacturers such as BMW and Volkswagen for years.