Norway’s Fundo Wheels Declared Bankrupt

Norwegian manufacturer Fundo Wheels, original equipment tyre rim supplier to European vehicle producers, has been declared bankrupt. It is thought that the company’s 350 employees will lose their jobs.

The company’s poor performance is said to be strongly linked to the global automotive industry slump. The company’s owners are still seeking fresh capital, and a bank has secured operations for a further month to enable the company to complete orders for Volvo and Audi.