► Sports seat maker Recaro enters administration
► ‘Extreme price increases and the loss of a major contract’
► Announcement made on 30 July 2024
Recaro Automotive, most known for creating and manufacturing sports seats for cars on behalf of large car makers, has announced it is entering administration. The seat manufacturer, which is headquartered near Stuttgart, announced the news to its employees, union leaders and politicians on 30 July 2024.
The brand is one of the most respected names in vehicle production, specialising in sports and performance seats for new cars. Many car makers have had working relationships with Recaro, including Ford, Mazda and Honda.
In a statement, Recaro Automotive cites that it ‘encountered significant financial difficulties due to extreme price increases in recent crisis years and the loss of a major contract.’
‘The effects of legacy products and business operations impacted the development of new product offerings during a regional reduction in vehicle purchase spend.’
Recaro Automotive says that it will continue to work as normal during the insolvency proceedings, and that it will ‘continue fulfilling all existing orders and new customer enquiries.
‘By working together as a team with our employees, suppliers, and customers through the possibility of an insolvency plan under the German Law we expect to stand on solid ground again in a timely manner.’