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.
