MUNICH — Ruwel GmbH, once one of Europe's largest fabricators, has filed insolvency.

The company has been hit by the downturn in auto production, which has dropped its capacity utilization -- a reported 1.5 million PWBs per year -- to under 50%. About 58% of Ruwel's revenue comes from the auto segment.

Ruwel has had flat sales over the 2005-07 timeframe, with annual revenues of $205 million to $210 million, according to Dr. Hayao Nakahara's NT 100 list.

Since 2006, Ruwel has been owned by a trio of investment banks.

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