Trevira files for insolvency
03/06/2009
Trevira GmbH, the European textile subsidiary of India’s Reliance Industries Limited, began insolvency proceedings at a court in Germany on June 3.
The company said in a statement that Trevira’s reliance on the struggling automotive industry was the main reason. However, the company also makes performance textiles for the sports and outdoor market.
“The move follows major efforts by the company to overcome the impact of industrial slowdown in Europe particularly of the automotive and textile sectors to whom it is an important supplier,” the statement said.
In 2008, Trevira had 1,800 employees in Germany, Belgium, Denmark and Poland and sales of around $413.4 million.
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