Nearly 1,000 jobs will be lost at the three Belgian sites of AGP, a manufacturer of automotive glass, after the only potential buyer withdrew from the transfer process. The information was confirmed by the bankruptcy administrator on Friday.
The takeover attempt, which was well on track at the beginning of the year, failed because major customers such as Volvo, BMW and Volkswagen did not have sufficient confidence in the new business plan.
This transfer procedure under judicial supervision was designed in such a way that the potential buyer would not have to bear the company's debt burden.
Given its failure, bankruptcy is now the only option. According to the trustee, Yves François, the current owner does not have the financial means to continue operations. As a result, there is "no more business to transfer."
At the start of the proceedings on 19 November 2023, 1,236 people were still employed by AGP in Belgium. This number has since fallen, mainly due to a decline in orders and economic unemployment.
According to François, between 900 and 1,100 people are still employed there today. The numerous temporary contracts, often on a weekly basis, are not being renewed.
Production will continue on a limited basis until the end of June, and the trustee expects staff to receive their full salaries for that month.
The bankruptcy of the three AGP sites - known as Soliver in Belgium - in Roeselare, Evergem and Zwijnaarde is then expected in early July. Staff will then be entitled to compensation from the Company Closure Fund.
