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Peguform, operating in receivership, awaits buyer

By Rhoda Miel Plastics News Staff Bötzingen, Germany-Ownership of European automotive supplier Peguform GmbH remains up for grabs, nearly two years after the company headed into receivership.Executives for the German injection moulder started the insolvency process in May 2002 when Peguform lost a line of credit used to pay suppliers. That loss started a series of problems not only for Peguform, but also its parent company, Venture Holdings Co. LLC of Fraser, Mich., which in March 2003 filed for Chapter 11 protection from creditors in US Bankruptcy Court in Detroit in March 2003.Peguform, based in Bötzingen, has continued to operate and supply parts, acting under the authority of a German court administrator. It has more than $1 billion in sales to European automakers, which have continued to support the company.There have been various rumours of potential buyers for Peguform, including private equity groups and a Chinese auto supplier, but so far nothing has come to fruition.”Peguform is the big [acquisition target] that’s in play,” said Alan Power, president and chief executive officer of competitor Decoma International Inc., during a 4 May conference call.Decoma, based in Concord, Ontario, had considered buying Peguform’s French operations in 2003, but later withdrew that offer.Interest could increase, though, if European officials agree to break up the holdings.”There’s not a lot of real interest in the complete company,” Power said.”

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