German manufacturer Kettler Files for Bankruptcy
FRANKFURT, June 3--Germany's Kettler, known for its Kettcar carts for kids, has filed for insolvency, the sporting goods and bicycle maker said.
Privately held Kettler said on Wednesday the move had become necessary "to avoid a hostile takeover and realign the company".
Christoph Schulte-Kaubruegger of law firm White & Case has been named provisional trustee for Kettler, a court filing dated Tuesday showed.
The company, based in the western German town of Ense-Parsit, was founded by Heinz Kettler in 1949 and is now run by his daughter Karin Kettler.
It introduced Kettcar pedal vehicles in 1962 and made the world's first aluminium bicycle in 1977. It also makes leisure and sports equipment ranging from ping pong tables to patio furniture, children's swing sets and exercise bicycles.
The company has around 1,100 employees and according to its website operates more than a dozen factories in Germany, the Netherlands, Belgium, France, Austria, Britain and Poland.
Source Reuters© (Reporting by Maria Sheahan; additional reporting by Anneli Palmen; editing by Thomas Atkins and Jason Neely)