Blaupunkt Malaysia will be looking to end its operations in Penang after close to just three years since it first announced expansion plans, the New Straits Times reports. The English-language tabloid has stated that the German electronics equipment manufacturer will begin a “voluntary” wind up of its wholly-owned subsidiary. A provisional liquidator has been appointed since.
The publication has learnt that the company has had meetings with creditors earlier this week. During said meeting, it was disclosed that two of its directors had declared to the Companies Commission of Malaysia (SSM) that the company can no longer continue operating due to its “inability to pay its debts.”
At its manufacturing facility in Bukit Tengah, Penang, it is understood that a total of around 300 employees are stationed there – that company has yet to issue an official statement regarding the fate of its workforce. Automotive clients of Blaupunkt Malaysia include Proton, Volkswagen, Audi, General Motors, Ford and Tata.
Additionally, the report states that a check on Blaupunkt Malaysia’s financial records for the 2014 fiscal year ending December 31 indicates a revenue of RM88 million and profits totalling RM881,296. Non-current assets have been valued at RM21.8 million while current assets have been marked at RM64.9 million. Non-current liabilities are totalled at RM928,159 while the company possesses RM52.5 million in current liabilities.
Aside from that, one of Blaupunkt Malaysia’s creditors, Nippon Express, is understood to be seeking a court order to detain Blaupunkt goods on lien. Also, Nippon Express is seeking a court directive to prevent Blaupunkt Malaysia’s liquidator from disposing said goods to third parties. Nippon Express is expected to have its case heard at the Penang High Court on October 27.
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Another 300 out of jobs… Another blow to the already weakened economy of Malaysia
Another 300 jobs….not even layoff cheq in sight cos the supplier attach Blaupunks barang.
Hong Leong Group just chopped about a thousand jobs,at least got proper retrenchment benefits.
Poor Blaupunk dudes,last month gaji in doubt.Dont mention layoff golden handshake.
Dear forum readers,if this is not RECESSION,I dont know what our leaders call it.Jobs are GONE not only in hundreds,but thousands now(Banks ,the chief culprits).
So if you still want to SPEND on new cars,may the force be with you.But in Star Wars,I remind you..there are many,many casualties.
A sad end to a once great brand.
Blaupunkt no longer OEM to Proton so need to close.
It’s because they are Proton OEM that they are closing down. Proton demand this, demand that but sales so little. Who can tahan?
Brilliant analysis Ioma. Blaupunkt closed down because of Proton.
The HU in Iriz is made by Blaupunkt, so I don’t get what you’re trying to say here.
MAke HU for cars that cannot sell, off coz gulung tikar la…
Whispers are they are changing to Clarion. Has Android in their HU.
blaunpunkt did enjoy good healthy times with proton as OEM supplier since the days of Saga Orion to Magma, Megavalve and Iswara. And Proton Wira. after more than 10 years however, Clarion began to compete and got itself the contract to Waja OEM head unit and CD changer.
Blaunpunkt however regained when it reeived contract for Gen2 unique-fit head unit.
Things are different in Penang though, as workers prefer higher pay to compensate the high living cost.
Blaupunkt and many other companies lost to this scenario.
they could be spending 30% higher as wages compare to other states like Negeri Sembilan or Pahang even though Penang has its own advantages (with an airport, free trade zones, strategic ports etc)
but this is still sad news to malaysia. a legend name is gone. the blue point.
The strategy of using rebadged China made Navi system with crappy navi system from Lokatoo and TM maps to be blamed? Most likely cant sell to other car manufacturers other than Proton if the product is really bad. Well Proton owners are well known to be “tolerant” enough of crappy products.
The car cant sell and put the blame to the navi brand? You mean the navi brand is so important that determined the buyers choice of car?
Btw, p2 is using the same brand.
Yes it is crappy. The Navi system crashed from time to time. P2 ikut P1 is not smart. Ikut bodoh?
Google proton satria neo dash and you can see from images the radio units are Blaupunkt. There was an article earlier about Satria Neo stopping production. Drop in business Coincidence?
Satria? are you kidding? How many Satria Proton sell in a month?
sad end indeed for the brand….then again ever since it was sold off by Bosch it’s effectively a brand only company with little (if any) Germany engineering/quality. I guess they would consolidate their operations in China
Bankrupt or tutup kedai open elsewhere?
In other word they are bankrupt.
Whole germany going to bankrupt too.
Macai logic says ini semua salah najib.
macai-es thinking najib never salah…
Only Malaysian
. Move to a cheaper operation cost country..
With announcement of min wages.. Cost of operation getting higher ..
Nothing wrong with min wages.. It just that we no longer can compete with other country with lower operating cost
Gregory, the spelling should be “Blaupunkt” not “Blaunpunkt”. The English translation is Blue Point.
read lots of complaint about their head-unit. I’m having one in my car with android system and it run perfectly. Did not encounter any issue at all. Just that the sound output is bad n this could be due to the lousy speakers and equalizer setting.
They made some profits but not enough to cover debts. How unfortunate for the workers there.
PSS has successfully acquired Blaupunkt Malaysia. So the workers should be able to secure their job.
heard that PSS has successfully aquired Blaupunkt Malaysia and they can continue to survive. Glad for the workers. They should be able to secure their job.