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Bayer Faser To Close Elastic Covered Yarn Subsidiary

Germany-based Bayer MaterialScience has announced plans to close GVW Garnveredelungswerke GmbH, a subsidiary of Bayer Faser GmbH. The decision was made because the company, which primarily produces elastic covered yarn for the textile industry, recorded continued high losses in 2003, and future prospects for the business are poor. "Prices for GVW products fell more sharply than could be compensated for by cost-cutting measures," said Bettina Langhans, managing director.

During the course of this year, 165 employees will lose their jobs. However, the company is investigating the possibility of moving GVW's Dorlastan® warping and rewinding units to other Bayer facilities, which would result in some GVW employees being offered positions at those locations.

May 2004