Schmidt Light Metal employs around 500 people
Yet another factory producing components for the auto sector is in deep financial trouble, putting hundreds of (further) jobs at risk.
Several factories producing for the auto sector have already gone belly-up, or are paring back workers as the industry goes through a crisis.
Now it is the turn of Schmidt Light Metal, in Oliveira de Azeméis which supplies high-pressure die-cast aluminium components, and is said to have the Volkswagen group as its only customer.
According to reports, the company was declared insolvent last Thursday by the Court of Aveiro. The deadline for claiming credits has been set at 30 days – after which an insolvency plan can be approved with a view to the payment of insolvency credits, liquidation of the estate and its distribution among holders of those credits and the debtor.
Creditors are said to include Novo Banco, BPI, IAPMEI, Scalabis and Servdebt.
Schmidt Light Metal was founded in 1989. The company employs around 500 people. ND
Source material: LUSA
