On September 13, German automotive parts manufacturer Prinz & Co. Stahlrohre announced bankruptcy after 130 years in business, putting hundreds of employees at risk of job loss. The family-owned company, founded in 1896, currently specializes in producing high-precision steel tubes and supplies components for automotive seats, airbags, and hydraulic systems worldwide. Provisional insolvency administrator Christian Holzmann stated that prolonged weakness in the European automotive industry, sharply rising raw material and energy prices, and a steep drop in summer sales collectively led to the company's insolvency.