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The company has turned over every possible stone in its attempt to avoid this situation, but the efforts failed, Roar Isaksen, president and CEO of Plastal, said in a statement, adding that the parent company is insolvent and must therefore file for bankruptcy.
The company, based in the Swedish second largest city Gothenburg, is one of the largest suppliers of plastic components for European auto companies. It posted sales of 1.3 billion euros (about 1.63 billion U.S. dollars) in 2008. It has 6,000 employees in Europe and China.
A bankruptcy trustee will be appointed for each Plastal group company that files for bankruptcy and Plastal employees will be notified of the details concerning their specific local conditions, according to the statement.
"I am hopeful that the bankruptcy process would lead to future solutions for our businesses, valued customers and excellent employees," Roar Isaksen added.