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Paragon AG buys Artega, production cars discontinued

Artega GT Targa

Back in July, the future of Artega was cast into doubt after the automaker filed for insolvency . Well, the good news is someone has bought the company. The bad news is they didn’t buy it to build cars.

Recently, Paragon AG took over all of the assets of the insolvent Artega Automobil GmbH & Co. KG with one caveat: they have no plans to resume production of Artega’s sports car, the Artega GT .

Instead, Paragon AG plans to use its newly acquired resources in staff and space to continue to develop its new Electromobility and Body-Kinematics divisions. The acquisition of Artega also lets Paragon AG to take full control of the company’s stage, enabling the latter to double its development team to 40 employees.

In a press release announcing the purchase, Paragon AG laid out its plans for Atria, including the use of the latter’s former headquarters in Delbrück, Germany to set up their own technology center, as well as expanding prototype construction, setting up a bespoke application service for customers, and manufacture products on a larger scale.

"We are therefore strengthening operations at our headquarters in the long term and ensuring job security for the future," said Klaus Dieter Frers, Chairman of the Managing Board.

Hit the jump for the full presser.

Press Release

Paragon takes over Artega’s assets

Delbrück, September 26, 2012: On October 1, 2012, paragon AG takes over all of the assets of the insolvent Artega Automobil GmbH & Co. KG. paragon will not resume Artega’s sports car production, Artega GT, which was shut down by the insolvency administrator on September 30, 2012.

Paragon intends to use its newly acquired resources in staff and space to continue to develop its new Electromobility and Body-Kinematics divisions.

Accurately timed to coincide with its 25th anniversary in 2013, paragon will enhance its headquarters in Delbrück as a result of the takeover. The company will introduce its plans in detail during a press conference on October 1, 2012.

New technology center

paragon AG has cause to celebrate ahead of its 25th anniversary in 2013. This year, the stock-exchange-listed tier-1 supplier is setting up a technology center in the premises of the former Artega Automobil GmbH & Co. KG in Delbrück. "We are therefore strengthening operations at our headquarters in the long term and ensuring job security for the future," said Klaus Dieter Frers, Chairman of the Managing Board.

As a result of acquiring all the assets of Artega Automobil GmbH & Co. KG on October 1, 2012, paragon gained additional staff and, above all, extra space. This will enable the company to drive its further growth. Besides doubling the development team to 40 employees, paragon’s plans for the Delbrück site include expanding prototype construction, the pilot workshops, and the test rigs as well as setting up a bespoke application service for customers.

In addition, paragon will soon be manufacturing products on a larger scale again in Delbrück. Overall, 26 former Artega employees are being taken on in development, design, assembly, and engineering - including manufacturing for the new divisions Electromobility (launched in 2011) and Kinematics (launched in January 2012).

Paragon’s new divisions have notched up their first successes faster than expected. In the Electromobility division, battery packs manufactured inhouse and end-to-end solutions with an application service are generating strong demand. The Kinematics division has secured a high-profile order and, from 2013, will manufacture the rear-spoiler drive mechanism for a sports supercar in Delbrück.

Paragon will draw up a detailed usage plan and renovate its new premises by the end of 2012.

This includes turning the existing buildings into a production hall so that prototype construction and the conversion of customers’ vehicles can be significantly expanded.


8 comments:

i think tinur is right. but now we can see the power of each company. that’s why sometimes i think it’s better to stick with the classics.

i believe that the economic context right now is not good for unsure companies.

midocar, i think it’s better it’s gone. look at lotus. they have their newest car several years old. and they are not in the point of releasing a new one either.

who knows, maybe one day it shall be revived.

survival of the fittest or not, it’s a shame artega is gone.

this is the survival of the fittest applied. the good thing is that paragon has ensured it’s stability.

although a bad new for artega fans, it is a good one for paragon.

this is not the first car that goes away because of financial problems.

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