ALBSTADT, Germany — A late-stage deal has emerged in the Mayer & Cie insolvency, with China’s Huixing Machine Co., Ltd. Shishi agreeing to acquire significant parts of the company’s circular knitting machine business—an outcome that could reopen the door to production at the historic Albstadt site.
Insolvency proceedings were opened on 1 December 2025, triggering an immediate shutdown of operations. Most staff were subsequently issued termination notices effective at the end of February 2026. In the meantime, the company has been working through an organised wind-down, aiming to complete production of the remaining circular knitting orders by the end of the month.
Mayer & Cie’s restructuring has unfolded in stages. Its braiding machine division was sold in December 2025 to an Italian investor. The circular knitting unit, however, initially appeared headed for closure after an intensive global search failed to secure a buyer. That changed at the last moment when Huixing agreed to step in. Purchase agreements were signed on Monday.
Huixing will take over selected assets, including the property in Albstadt and shareholdings, as well as the company’s two subsidiaries in China and the Czech Republic. Based in Shishi City in Quanzhou—an important centre for China’s textile and engineering industries—Huixing manufactures knitting machinery and develops associated intelligent software. The company says it employs around 1,000 people across R&D, production, sales and customer service at six production sites and ranks among China’s leading firms in the sector.
The buyer says it intends to restart circular knitting machine manufacturing in Albstadt once the transaction closes. Completion, however, remains contingent on official clearances, including approvals from the relevant Chinese authorities for foreign investment and a clearance certificate from Germany’s Federal Ministry for Economic Affairs and Energy. The parties currently expect closing within roughly six to eight weeks. During the interim period, Huixing also plans to finalise its concept for the new company.
Mayer & Cie, a fourth-generation owner-managed business, is best known for circular knitting and braiding machines that are largely exported and used by textile producers globally. But severe market turbulence and a sharp collapse in turnover pushed the company into financial distress, leading it to file for insolvency under self-administration in September 2025, with proceedings formally opened on 1 December 2025. With no buyer initially secured, the company had been preparing to cease operations after a short, structured production run-off—until the Huixing agreement reshaped the outlook for the circular knitting division in the Mayer & Cie insolvency.
Restructuring lawyer Martin Mucha of Grub Brugger, acting as general representative and supporting management through the self-administration process, said: “With the sale of the assets of Mayer & Cie.’s circular knitting division to Huixing, we have found a prospect for the planned resumption of business. It is good news for the location that operations are to be ramped up again in the future. The investor not only brings financial resources to the table, but also excellent business relationships, particularly in Asia, but also worldwide, from which Mayer & Cie. can benefit. I am delighted that, after intensive efforts in the final stages, we were able to achieve this result.”
Ilkin Bananyarli of PLUTA Rechtsanwalts GmbH, appointed trustee for the proceedings, added: “All parties involved showed tireless commitment, but the M&A process did not initially lead to an investor solution. This makes this last-minute turn of events all the more gratifying. This is a very welcome outcome for this long-established company and its creditors.”
Volker Wintergerst of Wintergerst Societät für Unternehmer-Beratung, who supported the investor process with colleagues Christian Scharfenberger and Simon Ulmer, said: “We had been searching intensively for an investor for Mayer & Cie. for many months, which initially seemed unsuccessful. Despite the announced closure, we continued our search and our efforts to realize the assets at full speed. The assets, know-how and brand should not be lost. The fact that we were able to interest Huixing in Mayer & Cie. and ultimately convince them is a great success for all of us,” explains Volker Wintergerst of Wintergerst Societät für Unternehmer-Beratung, who accompanied the investor process together with his colleagues Christian Scharfenberger and Simon Ulmer.
The case is being conducted under Germany’s self-administration framework, opened by the Hechingen Local Court on 1 December 2025. Under this structure, management retains operational responsibility, while the court appoints a trustee—rather than an insolvency administrator—to supervise the process in creditors’ interests. Bananyarli serves in that role.