FICHTENBERG, Germany — Performance suspension systems producer KW Automotive G.m.b.H. has secured a deal to buy custom wheel producer BBS G.m.b.H., which has been operating under insolvency administration since mid-2020.
Terms of the deal, expected to be completed by June, were not disclosed.
"I am very honored that we were able to win the trust of the parties involved in the proceedings with our acquisition concept," KW Automotive Principal Klaus Wohlfarth said in a statement.
"By reaching an important milestone, I was able to inform all BBS employees about our plans on March 4, 2021. Until full responsibilities are assumed in June, there are still important agreements to be negotiated, which are the responsibility of the insolvency administrator."