The company is controlled by the American businessman Wilbur Ross and employs over 4,000 workers across Europe.
[2] The company was chosen by Ross as the foundation for a European car parts empire.
[2] In October 2008, trading of Wagon shares was halted following a significant downturn in the European car market.
The company disclosed ongoing discussions with its lenders regarding financial support.
Wagon was unsuccessful in securing additional funding from its banking partners.