The famous German company Recaro Automotive GmbH, which was recently on the verge of bankruptcy, signed an investment contract with the Italian Proma Group. This will allow the component manufacturer to resume operations in all markets.
Proma Group is an Italian concern with an annual turnover of 1.1 billion euros and a staff of over 5,000 employees. The holding includes 25 plants located on three continents that produce various components for automotive companies.
"The investment in Recaro Automotive will strengthen our ability to deliver premium seats using the most advanced innovations in the automotive sector" , commented Luca Pino, CEO of Proma Group.
"The name Recaro is known throughout the world as a standard of German industrial technology, and we look to the future with optimism."", concluded his statement on the investment, Pinault.
In the process of reorganization, Proma Group intends to retain some of Recaro Automotive's sales and technology staff, who will remain in the Stuttgart office, and the production of products for the automotive companies will be transferred to Italy.
This will happen from January next year. Recaro Automotive's divisions in North America and Japan will continue to operate as usual, providing the same high standard of products and services that the company's customers in these regions have come to expect.