Trevira to cut 300 jobs as talks on its sale continue

04 August 2009 16:11  [Source: ICIS news]

TORONTO (ICIS news)--Trevira expects to cut about 300 jobs, or 17% of its workforce, as part of a restructuring to sell the insolvent Germany-based textile fibre and polyester producer to investors, administrator Werner Schneider said on Tuesday.

Trevira filed for insolvency in June and a court in Bavaria appointed Schneider as insolvency administrator.

Out of the company’s current 1,762 staff, most of the job cuts would be in production and administration, Schneider said.

Talks were on track to sell Trevira’s operations in Germany and Poland to investors, Schneider said.

He said that he expects to conclude a deal soon, without identifying interested buyers.

For the company’s operations in Belgium and Denmark, Schneider was negotiating a buy-out by management, he said.

Trevira is part of Indian petrochemicals major Reliance Industries, which bought Trevira in 2004 from Deutsche Bank.

It was previously part of Hoechst, the former German chemicals and pharmaceuticals major that later merged with French company Rhone-Poulenc to form Aventis.

In related news, Japan’s Teijin said on 3 August that it would dissolve its US monofilament production subsidiary, while US textile fibre producer Performance Fibers said last week it would close one plant in Germany and idle another.

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By: Stefan Baumgarten
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