Afterโ 120 Years: round knitting Machineโค Maker Mayer & Cie. Files for Insolvency
Tailfingen,โ Germany – Mayer & Cie., aโ global โleader in the production of round knitting andโฃ braiding machines, has โคfiled for insolvency, the company announced.The move comes after a 20% decline โคin sales, dropping from โฌ110 million โคin 2022 to โฌ80 million โin 2024.
The company attributes the downturnโ to a combination of โขgeopolitical โtensionsโข between the โขwest and โChina,โ and high inflation driving up โliving costs. “This includes geopolitical tensions between the West and China,โฃ the high inflation, which has raised the living costs and โthus caused uncertainty of consumers, โand derived from this. Temu โคare offered,” explained Benjamin Mayer, Managing Director of โMayer & 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 โto protect creditorโฃ interests. Management will retain controlโ of decision-making and resources โฃthroughout the proceedings. Martinโ Mucha from Grub Brugger law firm has been appointed for the company’s restructuring, while Ilkin Bananyarli โฃfrom โฃPluta law firm has been appointed โbyโ the Stuttgart District Court.
Founded in โค1905 as “United Mechanical Workshops Mayer โฃ& โฃCie. Tailfingen” by Johannes Mayer and five other owners, the company delivered its first round knitting machine inโ 1935 and began series production inโ 1939. Today, Mayer & Cie. machines are sold โขinternationally,supported by subsidiaries โand a network of over 50 sales and service representatives โworldwide.