Business News
Trevira, former Reliance unit, relaunched in Germany
Dec 28, 2009, 13:12 GMT
Neu-Ulm, Germany - Trevira, the German fibre manufacturer which formerly belonged to the Reliance Group of India, is being relaunched with new investors, insolvency administrator Werner Schneider said Monday.
Trevira, one of the world's leading polyester-thread brands, filed in June for insolvency, wiping out Reliance's investment, after the Indian company failed to inject new funds.
The German company, based in the southern city of Neu-Ulm, is a major supplier to the textile industry.
Schneider said the state government of Bavaria had now guaranteed new equity finance injected by Bavarian public banks, while banks in the state of Brandenburg would come on board later.
Trevira is to keep operating its three German factories, at Bobingen, Guben and Hattersheim. They employ 1,400 people. Schneider said the new Trevira company, to be formally set up this week, would be profitable in 2010.
Uwe Woehner, appointed chief executive, said, 'It was vital to save the Trevira brand because we are planning on continuity.'
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