Auto supplier
Rescue plan for Webasto in the clear
The supplier, known for its car roofs and parking heaters, has plugged its financial holes until 2028. The manufacturers are also helping with hundreds of millions.
The rescue plan for the automotive supplier Webasto is finalized. All agreements have now been signed that will secure financing for the company in crisis until 2028, as CEO Jörg Buchheim says.
Overall, this involves the extension of loans amounting to 1.2 billion euros and new loans of around 200 million euros as “fresh money”. Large manufacturers have also promised help.
According to Webasto, it is the world market leader in roof systems and is also known for its auxiliary heaters. Most recently, the group, with annual sales of 4.3 billion euros, slipped deep into the crisis due to several developments: an expansion plan that was supposed to bring the company to 8 billion euros in sales did not work – among other things because electromobility is progressing more slowly than initially expected. Corona cost liquidity and problems with a product in the USA cost several hundred million.
Webasto now wants to reposition itself by 2028. In addition to the already announced cuts of around 1,000 jobs in Germany, this also includes further cuts abroad, the details of which are not yet known. In 2024, Webasto had 15,300 employees worldwide, 3,700 of them in Germany. Part of the plan involves, among other things, that the owner families transfer a large part of their shares to a trustee.
Customers help with hundreds of millions
Webasto’s customers – numerous large automobile manufacturers – also make a contribution. Among other things, by paying more for the group’s products until 2028. The background to this is, among other things, increased costs due to high energy prices and lower quantities, which also increase costs for Webasto. It was said that over the period up to the end of 2028 this would amount to 2.5 percent of sales – a total amount in the mid three-digit million range. That is significant, says Buchheim. This is also why it took longer than initially expected to negotiate the agreements.
Webasto will make a loss in the current financial year and should be back to “red zero” by 2026. The return to profitability is planned for 2027. Buchheim is confident that this will succeed. We are currently “in front of the wave” – the numbers are significantly better than in the plan. The most important driver of the planned turnaround is the reduction in personnel. The aim is to save 150 million euros per year.
No further job cuts planned in Germany
Although sales of parts of the company are not included in the restructuring concept, they are not excluded either. All options are on the table, says Buchheim. However, the umbrella business is the core area of the company. The main investments would also go there.
The main location in Stockdorf near Munich is not in question, emphasized the management. Of the currently around 2,800 jobs in Bavaria, more than 2,000 remained in the Free State. As a family-run company, we are very connected to our homeland. No further job cuts are currently planned in Germany.
dpa
Source: Stern
