The Akkumulatorenfabrik MOLL GmbH + Co KG has announced that it is forced by current developments to apply for the opening of insolvency proceedings after 75 years of operation. The sudden, massive, and permanent decline in sales caused by the Corona crisis leaves no other choice, said the company in a statement.
The battery supplier MOLL applied for the opening of insolvency proceedings at the Coburg District Court. The company said economic conditions caused by the Corona crisis and the general production stop in the automotive industry force this step.
“This is a bitter day, especially for our employees,” regrets Gertrud Moll-Möhrstedt, managing partner of Akkumulatorenfabrik MOLL GmbH + Co KG. “Our top priority and concern now relate to their social protection. We anticipate, however, that production may be resumed during insolvency proceedings if the automotive industry ends its production stop in time.”
MOLL in the official statement further noted -the Corona crisis has far-reaching consequences for the whole automotive industry. In the current situation, it is not possible to predict whether and when sales will recover. It is highly probable that even if automobile production resumes, it will take many months, perhaps even years, for sales to return to the level seen at the beginning of the year.
The Akkumulatorenfabrik MOLL GmbH + Co KG lacks the financial means to bridge such a long period of time.