AQ Segerström & Svensson AB applies for bankruptcy
The Board of AQ Segerström & Svensson AB in Eskilstuna has concluded that it is not possible to run the company further and has consequently been forced to apply for bankruptcy.
The application for bankruptcy has been submitted to Eskilstuna District Court today, August 20, 2018.
AQ Group acquired the assets of Segerström Automotive in January 2009 after a bankruptcy. The unit in Eskilstuna has had profitability problems since 2009. During 2018, the losses have escalated, and the company has had about SEK 30 million in losses during the first half of the year.
"The owner has added capital to the company for almost ten years, and as the business is still experiencing major losses, we see no alternative but to apply for bankruptcy," says Claes Mellgren, Chairman of AQ Segerström & Svensson AB. "We have done our best to rationalize the business, but we have failed to reverse the losses. The employees have been loyal and worked hard, but competition is global and fierce", continues Claes Mellgren.
AQ Group AB makes provisions of SEK 70 million in conjunction with the bancruptcy (see separate press relelase).
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For further information, please contact:
Claes Mellgren, Chairman of AQ Segerström & Svensson AB, +46 70 592 83 38 or Ivan Obrovac, Managing Director, +46 70 382 08 70
AQ Group is required to make the information in this press release public in accordance with the EU Market Abuse Regulation. The information was released by Claes Mellgren for publication at 15:00 hours CET on August 20, 2018.
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AQ Segerström & Svensson in brief
AQ Segerström & Svensson offers contract manufacturing of tool pressed sheet metal components and sheet metal assemblies mostly to the automotive industry. The company has about 180 employees in Eskilstuna and has a turnover of about SEK 250 million.
AQ in brief
AQ is a leading supplier to demanding industrial customers and is listed on Nasdaq Stockholm’s main market.
The Group consists mainly of operating companies each of which develop their special skills and in cooperation with other companies, provides cost effective solutions in close cooperation with the customer.
The Group headquarter is in Västerås, Sweden. AQ has, on December 31, 2017, in total about 5,500 employees in Sweden, Bulgaria, China, Estonia, Hungary, India, Italy, Lithuania, Mexico, Poland, Serbia and Thailand.
In 2017 AQ had net sales of SEK 4.0 billion and the group has since its start in 1994 shown profit every quarter.
AQ has the highest credit rating AAA according to Bisnode.