STOCKDORF (dpa-AFX) - The automotive supplier Webasto has got into such a difficult situation that an external restructuring expert is to lead the reorganization. Management consultant Johann Stohner has been appointed to the management board as Chief Restructuring Officer, Webasto announced. The expanded management board, together with the supervisory board and the works council, intends to develop measures by the beginning of the second quarter.

Webasto, headquartered in Stockdorf just outside Munich, manufactures car roofs and parking heaters, among other things. Last spring, CEO Holger Engelmann had already announced an "optimization program" with extensive job cuts due to a sharp decline in profits. With restructuring expert Stohner on the board, Webasto now wants to fundamentally change the structures. The announcement indicates that a downsizing of capacities in production and development as well as in the organization is to be expected. In addition, Webasto wants to "sharpen" its product range.

Restructuring instead of optimization

At the end of 2023, Webasto still had 16,000 employees worldwide. In 2024, the company had closed two Chinese plants, among other things. The optimization program is now no longer sufficient. As Webasto has now announced, a stabilization agreement was concluded with important creditors on December 23. The German business magazine Wirtschaftswoche had reported on restructuring and debt restructuring, but the company has not officially commented on this so far.

Business in China is changing from a growth driver to a crisis area

The Webasto Group primarily manufactures heating, cooling and ventilation systems, sunroofs and panorama roofs, and battery systems for electric cars. In good years, CEO Engelmann had relied heavily on business in China, but the German automotive industry as a whole has run into major difficulties in its most important sales market. Chinese manufacturers have now left German companies behind with their electric cars.

Financially, a number of suppliers have been hit even harder than the automakers themselves. In addition to producing parts, major suppliers have also played a significant role in innovations in recent years. A number of well-known companies, including Bosch and Continental, have announced massive cost-cutting programs./cho/DP/jha