High energy prices have a huge impact on companies. The management of the textile company Fussenegger, together with the works council and the union, warns of a collapse.
Current energy prices could become a huge problem for the entire industry in the near future,” warns Helmut Schrenk, Managing Director of Fussenegger Textil Veredelung GmbH in Dornbirn, which employs around 110 people. The Chamber of Commerce also reported this week that the textile industry in particular would suffer from the high prices. Energy costs have quadrupled in some cases since the start of the war in Ukraine. “We are talking about spending increases of several million euros,” says Schrenk. The cost pressure is therefore enormous.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
