Austrian automotive warp and weft knit fabric producer Eybl International AG announced that it was filing for administrative receivership after recent talks about a takeover by the Slovenian Prevent Group failed to lead to a positive conclusion. Owing to direct financial consequences of the current economic crisis on Eybl International AG, Management decided on 16 December in line with legal requirements, to file for administrative receivership for Eybl International AG and its subsidiary Eybl Austria Gmbh with the Krems provincial court.
The two companies also notified the Austrian Employment Agency AMS of potential lay-offs of their Austrian staff totalling 600 people, as a precautionary measure and in compliance with early-warning requirements.
Based on preliminary talks already conducted with customers, suppliers and banks, and on successful restructuring measures taken over the past months the management of Eybl International AG aims to speedily conclude the administrative receivership proceedings, and thereby secure the jobs in question for the long term.
About Ebyl International
Eybl International, a company specialising in textile production, fabrication and components for automotive interiors operates internationally at eight production sites in Austria, Hungary, Romania, Germany and Slovakia as well as at four distribution sites in Germany, France, Spain and Britain alongside of its corporate headquarters in Krems in Lower Austria and is recognised as a competent, reliable and innovative partner to the automotive sector.
Eybl International AG, which trades on the Vienna Stock Exchange, has for decades been a specialist in the automotive sector for complete textile furnishing of interiors made from fabrics and leather. From product development and design up through production, Eybl International produces qualitatively upscale textiles and interior parts with the latest technologies for passenger cars as well as for trucks and buses and even for customers in the non-automotive sector (rail and air).
Author: Billy Hunter