Textile Maker Lenzing Closes UK, Austria Sites in Turnaround Bid
Bloomberg 2026-07-28 07:50:56
Context: Lenzing AG, a textile maker, is closing its plants in the UK and Austria as part of a turnaround strategy aimed at reviving the company from a years-long downturn. The move is accompanied by an increase in equity. The announcement caused a significant drop in shares.
Key Facts
- Lenzing AG's shares tumbled the most in four years following the announcement of the company's new strategy.
- The textile maker will close its plants in the UK and Austria as part of its turnaround bid.
- The new strategy also includes increasing equity in an effort to revive Lenzing AG from a years-long downturn.