SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Vehicle Company Goes Bankrupt – 1,400 Employees Affected

IAC Group Sweden, which supplies components to Volvo companies and Scania, has been declared bankrupt. The company has approximately 1,400 employees in Sweden. The goal is to find a new owner during the summer, says the trustee Mikael Kubu.

» Updated: 08 October 2024

» Published: 27 June 2024

Vehicle Company Goes Bankrupt – 1,400 Employees Affected
Photo: Adam Ihse/TT

IAC Group Sweden, which supplies components to Volvo companies and Scania, has been declared bankrupt.

The company has approximately 1,400 employees in Sweden.

The goal is to find a new owner during the summer, says the administrator Mikael Kubu.

The vehicle component company IAC Group filed for bankruptcy for the Swedish part of the group on Thursday.

"The company cannot pay its debts," writes IAC Group Sweden in its bankruptcy application to the Göteborg District Court.

In a press release, the company refers, among other things, to the effects of the pandemic.

"We have not been able to create the necessary liquidity to continue operating for our highly valued customers in Sweden," writes IAC in the press release.

1,400 employees

IAC supplies components to Volvo Cars, AB Volvo, and Scania.

According to the administrator Mikael Kubu, CEO of Ackordcentralen, there are good opportunities to find a new owner for the company.

There are interested parties and a great need for the company's products. So we will try to sell as soon as possible, he says.

Our absolute goal is to find a new owner by the end of the summer.

This would also mean that the employees could keep their jobs.

The employees are always laid off in the event of bankruptcy. But that does not necessarily mean that they will ultimately lose their jobs, says Mikael Kubu.

The goal is to maintain operations, and there is strong support from the company's three customers.

Large tax debts

According to the bankruptcy application, the company has approximately 1,400 employees in Sweden, where IAC has operations mainly in Färgelanda, Skara, and Göteborg.

Unfortunately, we do not have more information than that. We need to meet with the administrator first, said Ivica Stojkovic, a trustee for IF Metall at IAC in Färgelanda, after the announcement.

According to Sveriges Radio Ekot, IAC was the company in Sweden that had the largest tax debt after the pandemic, SEK 1.2 billion.

IAC Group has recently sold its operations in the UK and announced that its operations in China will also be sold.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Fear of tariffs and prices sank Wall Street
2 MIN READ

Fear of tariffs and prices sank Wall Street

Klarna aims to list on the US stock exchange in April
1 MIN READ

Klarna aims to list on the US stock exchange in April

More exchange USA-Japan - but also threat of tariffs
1 MIN READ

More exchange USA-Japan - but also threat of tariffs

Payment problems at the State Liquor Store
1 MIN READ

Payment problems at the State Liquor Store

Fewer new jobs in the USA than expected
1 MIN READ

Fewer new jobs in the USA than expected

Worse economic development expected for Russia
1 MIN READ

Worse economic development expected for Russia

Bound Mortgage Rates on the Way Up
2 MIN READ

Bound Mortgage Rates on the Way Up

The Stockholm Stock Exchange closed the week with a decline
2 MIN READ

The Stockholm Stock Exchange closed the week with a decline

Trade from Shein and Temu Slows Down
1 MIN READ

Trade from Shein and Temu Slows Down

SBAB gains market shares on the mortgage market
1 MIN READ

SBAB gains market shares on the mortgage market

Skanska increases the dividend
1 MIN READ

Skanska increases the dividend

Saab raises forecast – but the stock price falls
2 MIN READ

Saab raises forecast – but the stock price falls

Worse than expected for Schibsted
1 MIN READ

Worse than expected for Schibsted

XXL's Profit Shrinks
1 MIN READ

XXL's Profit Shrinks

India's Central Bank Lowers Interest Rate
1 MIN READ

India's Central Bank Lowers Interest Rate

Housing Prices Fall - May Drop Further
2 MIN READ

Housing Prices Fall - May Drop Further

The Baltic States Sever Electricity Cables to Russia
2 MIN READ

The Baltic States Sever Electricity Cables to Russia

Upwards in China – downwards in Japan
1 MIN READ

Upwards in China – downwards in Japan

United Arab Emirates invests in French AI
1 MIN READ

United Arab Emirates invests in French AI

Amazon both meets and disappoints expectations
2 MIN READ

Amazon both meets and disappoints expectations