What is the future for Pankl and Krenhof in Styria after KTM’s bankruptcy? CEO Wolfgang Plasser announces a two-month production stop at a factory in Kapfenberg, but still expects positive results.
Pankl Racing Systems and Krenhof have more than 1,600 employees in Styria, mainly in Kapfenberg, Bruck and Köflach. You are part of Pierer Industrie AG, which is now going through a European restructuring process – the bankruptcy of KTM is a consequence of this. Should the many employees in Styria also fear for their jobs?
“KTM is an important customer of Pankl,” CEO Wolfgang Plasser told “Krone”. “In recent days we have intensively discussed and calculated measures and scenarios.” The result: Pankl will achieve positive results in 2024 and 2025, both in Styria and worldwide.
Layoffs and new hires for 40 employees
One plant will still be shut down in the first quarter of 2025: “In our transmission plant in Kapfenberg, we expect an almost complete production stop for two months,” says Plasser. “40 employees will be laid off, but it is promised that they will return to work from March.”
Overall, Plasser says, the economic situation is affecting locations in different ways. “Krenhof is mainly affected by the bad economy and not or hardly by the developments at KTM.”
Clearance for ‘normal’ cars, records for sports cars
The pure automotive sector is weakening. The market for luxury sports cars and Formula 1 is on track for records. “The engine parts factory in Bruck and the aerospace factory in Kapfenberg, which only opened last year, are running at full capacity,” says Plasser. A new titanium alloy press to meet these needs was purchased in Köflach near Krenhof and employees are being relocated internally.
There are currently few vacancies at Pankl, but “we are always looking for cutting technicians.” The decline in group sales is said to be in the “low single digits range.” We have well-filled order books.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
