After 120 Years: round knitting Machine Maker Mayer & Cie. Files for Insolvency
Tailfingen, Germany – Mayer & Cie., a global leader in the production of round knitting and braiding machines, has filed for insolvency, the company announced.The move comes after a 20% decline in sales, dropping from €110 million in 2022 to €80 million in 2024.
The company attributes the downturn to a combination of geopolitical tensions between the west and China, and high inflation driving up living costs. “This includes geopolitical tensions between the West and China, the high inflation, which has raised the living costs and thus caused uncertainty of consumers, and derived from this. Temu are offered,” explained Benjamin Mayer, Managing Director of Mayer & Cie., in a press release.
The insolvency will be handled under the company’s own responsibility, meaning current management will remain in office, assisted by a court-appointed representative to protect creditor interests. Management will retain control of decision-making and resources throughout the proceedings. Martin Mucha from Grub Brugger law firm has been appointed for the company’s restructuring, while Ilkin Bananyarli from Pluta law firm has been appointed by the Stuttgart District Court.
Founded in 1905 as “United Mechanical Workshops Mayer & Cie. Tailfingen” by Johannes Mayer and five other owners, the company delivered its first round knitting machine in 1935 and began series production in 1939. Today, Mayer & Cie. machines are sold internationally,supported by subsidiaries and a network of over 50 sales and service representatives worldwide.
