Tedrive Files for Insolvency for German Units

Automotive supplier Tedrive has filed for insolvency for two German units, citing a recent slump in orders, according to the company's insolvency administrator, The Guardian reported. Tedrive was the second industry player to file for insolvency in the region within a week, after German brake pad maker TMD Friction did the same for four German plants. The administrator said Tedrive aimed to restructure its business at the two units. The units make driveshafts and steering systems, and have a total of 1,500 workers. Tedrive, based in the Netherlands and owned by fund Special Situations Venture Partners II, generates annual sales of about 480 million euros ($633.1 million). Its other production sites in Poland and Brazil are not affected by the German insolvency filing. Read more.