German battery manufacturer Varta has filed for insolvency in self-administration, with the Stuttgart district court confirming four applications covering the parent company and three operating units. The filings come after creditors moved to carve out the household battery division.
The insolvency follows the refusal of majority owners Michael Tojner and Porsche to provide additional capital, with the company needing tens of millions of euros in short-term funding. The Stuttgart court is reviewing the applications, while a judge is expected to rule shortly.
Varta cited deteriorating market conditions, weak demand, unfavourable exchange rates, and the loss of anchor customer Apple, which switched to Chinese suppliers for rechargeable button batteries. Tojner has expressed interest in the microbattery business, while a plant in Nördlingen employing 350 workers is set to close in autumn. The company reported a €64.5 million loss on €793 million revenue in 2024.