NÜRNBERG (dpa-AFX) - After a radical capital cut, the withdrawal from the stock market and the takeover by Austrian investor Stefan Pierer, the work of restructurer Hans-Joachim Ziems at the ailing Franconian automotive supplier Leoni has come to an end. Ziems, who acted as chief restructuring officer (CRO) and most recently virtually as group CEO following the departure of Aldo Kamper, left the company as planned on June 30, Leoni announced in Nuremberg on Monday.

The company had fallen into acute existential trouble after a partial sale to a Thai investor fell through at the last minute and the hoped-for 400 million euros to repay debts had not flowed. As a result, Leoni shareholders had to accept a total loss of their investment. The previous major shareholder Pierer joins as sole owner with 150 million euros in the course of a new capital increase.

Leoni employs around 100,000 people worldwide and had sales of around 5.1 billion euros last year. Among other things, the company produces cable harnesses for vehicles./dm/DP/nas