Germany Trevira sale to be completed on 1 November

23 September 2009 17:29  [Source: ICIS news]

TORONTO (ICIS news)--The sale of insolvent German textile fibres and polyester producer Trevira to its new owners will be completed on 1 November, one month behind schedule, the firm’s insolvency administrator said on Wednesday.

The delay was due to various European anti-trust approvals that were required to complete the deal, administrator Werner Schneider said.

German investors Stefan Messer and Karl-Gerhard Seifert agreed in August to buy Trevira, which was part of India’s petrochemicals major Reliance Industries.

The sale includes production sites in Bobingen and Guben in Germany; Zielona Gora, Poland; and a sales site in Hattersheim near Frankfurt.

Following cuts, Trevira would have 1,450 employees. This compares with the around 1,800 Trevira employed last year.

Reliance Industries bought Trevira in 2004 from Deutsche Bank. The business used to be part of former German chemicals and pharmaceuticals major Hoechst.

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By: Stefan Baumgarten
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