Lenzing to Cut 2,000 Jobs and Sell Two Sites

Fiber manufacturer Lenzing will cut 2,000 jobs by 2027 and sell sites in Austria and England as part of a major refinancing agreement.

Listed fiber manufacturer Lenzing Group, led by CEO Georg Kasperkovitz, announced plans to cut 2,000 jobs by the end of 2027. The company, which had 7,700 full-time equivalent employees at the end of 2025, will end fiber production at its Heiligenkreuz site in Burgenland and its Grimsby site in England by late 2027. Both locations, including the Heiligenkreuz facility which employs 285 people, are slated for sale. Following the news, Lenzing shares dropped up to 19 percent on Tuesday. To stabilize finances, the company reached a refinancing agreement with major lenders, extending liability maturities until 2030 and securing up to 300 million euros in new financing. A capital increase of up to 300 million euros is also planned, with an extraordinary general meeting expected around August 25, 2026. Main shareholders B&C Group and Suzano, along with Oberbank, support these measures.