Wirthwein: Three New Subsidiaries
Effective March 1, 2012, Wirthwein AG based in Creglingen, Germany, has acquired the significant assets of Thermoplast Technik Deutschland Holding GmbH & Co. KG (ttb group) through three newly formed subsidiaries. These companies operate under the names Wirthwein Eichenzell GmbH & Co. KG, Wirthwein Crimmitschau GmbH & Co. KG, and Wirthwein Sasbach GmbH & Co. KG. This brings to 15 the number of companies now grouped under the umbrella of Wirthwein AG. Frank Wirthwein, Marcus Wirthwein and Rainer Zepke have been appointed managing directors of the new subsidiaries.
The ttb group was one of Europe’s leading manufacturers of thermoplastic components for fans, air ducts, and interiors. Frames and fan impellers are important components in engine cooling. In February 2011, the company had to file for insolvency, which it said in a press release was due to “enormous pricing pressure” from the auto manufacturers and the financial crisis. Last year, Wirthwein‘s automotive business accounted for around 13% of the Group’s total sales of EUR 310 million. Sales growth in this sector of around EUR 30 million per annum is planned with the newly formed subsidiaries.
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