Prinz-Mayweg Group files for insolvency, risking 310 jobs

The Prinz-Mayweg Group, a long-standing automotive supplier specializing in precision steel tubes, has filed for insolvency. The Essen District Court initiated preliminary insolvency proceedings on September 9, 2026.

The insolvency affects approximately 310 jobs across four locations in North Rhine-Westphalia: Wickede (110 employees), Altena (150), Werl (20), and Werl-Westtönnen (30). While the group employs around 400 people across six sites, including locations in the Czech Republic and Portugal, the immediate focus remains on the German facilities.

Preliminary insolvency administrator Christian Holzmann cited the general crisis in the automotive industry, rising raw material and energy costs, and high fixed costs as primary drivers. A significant drop in revenue during the summer months further exacerbated the company's financial difficulties. Operations are expected to continue for the time being as the company seeks investors.