June 23, 2011
The bankruptcy of Think Global AS ends the manufacturing of THINK City in Finland
Valmet Automotive's customer Think Global AS has filed a petition for bankruptcy in Norway. Consequently, the production of THINK City EV will no longer be continued by Valmet Automotive as defined in the agreement of 2009. The production in Uusikaupunki, Finland, has been on hold since February 2011. The target was to relaunch it in August 2011.
55 employees have been laid off from the THINK production, in total appr. 170 employees are currently laid off of the over 800 employees of Valmet Automotive in Uusikaupunki. According to present plans, they will be re-employed during 2011 on other product lines. In Uusikaupunki, Valmet Automotive manufactures Fisker Karma, an electric vehicle with extended range, Garia golf cars and LSVs as well as Porsche Cayman bodies.
The bankruptcy of THINK Global AS has only a marginal impact on Valmet Automotive’s turnover this year. Other consequences will be clarified during the bankruptcy proceedings.
Valmet Automotive is an experienced provider of automotive engineering, vehicle manufacturing, convertible roof systems and related business services. Our special areas of expertise are premium cars, convertibles and electric vehicles. We employ 1,600 professionals in Finland, Germany, Poland, Sweden and the USA.