Three Obrist companies become insolvent with 31.8 million euros in liabilities

Three companies in the Obrist Group are insolvent, with liabilities totaling about 31.8 million euros, ORF reports, citing the Vorarlberger Nachrichten. The group’s parent company, Obrist Engineering, is not affected.

The affected companies are Vorarlberg-based Obrist Powertrain, with liabilities of about 18.9 million euros, and Obrist Technologies, with about 6.1 million euros. German company Obrist DE has liabilities of about 6.8 million euros. The three companies employ a total of 14 people.

Founder Frank Obrist told the Vorarlberger Nachrichten that high development costs, a lack of revenue and failed talks with investors contributed to the insolvencies. He also cited the crisis in Europe’s automotive industry. Obrist Engineering, which employs about 30 people, is financially stable, the newspaper reported.

The Obrist Group develops technology for vehicles and alternative fuels. Obrist Powertrain works on hybrid drives, while Obrist Technologies develops processes to produce methanol as a fuel. Obrist Engineering develops components for vehicle air-conditioning systems and thermal management.