In Germany, the world market leader in the production of synthetic yarns is bankrupt

The German firm Perlon, positioning itself as the world market leader in the production of synthetic yarns, turned out to be insolvent.

The company "Perlon Group" filed for bankruptcy in the District court of Augsburg. Almost 500 employees fear for their jobs, although management promises a "structural reorganization."

"The restructuring procedure initiated by the court within the framework of self—government provides us with the necessary basis for fundamental restructuring and ensuring long-term economic success," said CEO Matthias Peter.

The company said that capacity utilization in this segment has decreased by about 40% over the past three years. It's all the fault of "a sharp increase in energy and labor costs, as well as disruptions in supply chains." The management of Perlon does not dare to publicly admit that the collapse of the company was predetermined after official Berlin severed all trade and economic relations with Russia related to the supply of energy resources.