Home / Knowledge / News / Textiles / Mayer & Cie files for insolvency, to scale down capacity
Mayer & Cie files for insolvency, to scale down capacity
06
Oct '09
German circular knitting machine manufacturer, Mayer & Cie GmbH recently filed an insolvency petition in the local court of Hechingen, Germany. The reason put forward by the company was a drastic dip in orders for its machinery.

Mayer & Cie observed that orders for its textile machinery dipped by nearly 70 percent in spring 2008 and reduced working hours of the company, May 2008 onwards. Total sales in 2008, shrank by 32 percent, mainly due to a weak second half of the year.

In the period January- March 2009, it worked for just 2.5 days per week and in the second quarter, with better utilization of resources and an improved order backlog, the company increased its working days and operated on just, one day off in a week.

In that period, Mayer & Cie was of the opinion that, market conditions had bottomed out and it could operate profitably again, however, by August, trade had slowed, with new orders for September drastically below those received in previous months.

Against the backdrop of falling sales and additional difficulty, due to delay in shipments, the company said that, it is not in a position to meet its payment obligations anymore and therefore had to file for insolvency.

The company will try to restructure its process and scale down its production capacity, in reality with demand in the markets in current times. It has also informed that, this insolvency does not affect Mayer Industries in the USA and Mayer Braidtech in Germany.

In the concluding statement, the company said that, in consultation with the insolvency administrator, Mayer & Cie will continue to be in business and it would appreciate it if, their customers maintained business connections and continued to place orders with us.

Fibre2fashion News Desk - India


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search