Mayer & Cie. Files for Insolvency, Assures Business Continuity
Baden-Württemberg-based family company Mayer & Cie. GmbH, a global leader in knitting machines, has filed for insolvency in self-administration due to financial challenges stemming from supply chain disruptions and rising production costs. Despite this, the company assures business as usual, with employees receiving insolvency benefits.
Founded over 120 years ago, Mayer & Cie. specialises in circular knitting machines, serving the textile and automotive industries. The company also produces braiding machines used in sectors like automotive, aerospace, and oil and gas. Despite its success, the firm has faced a significant downturn since 2022, leading to short-time work and cost-cutting measures, including the waiving of special payments by the workforce.
In self-administration, the management remains in office, assisted by Martin Mucha of Grub Brugger law firm as restructuring expert and Ilkin Bananyarli of Pluta law firm as administrator. The company exports over 90% of its machines, with high demand in countries such as China, Bangladesh, India, and Turkey.
Mayer & Cie., the world's leading knitting machine manufacturer, has filed for insolvency in self-administration. Despite the challenges, the company assures continuity in operations, with employees receiving insolvency benefits. The future of this historic family-owned business remains uncertain, but it is hoped that the restructuring process will secure its long-term prospects.
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