Binder Grösswang advised Lenzing AG and Palmers Textil AG on the establishment of a new protective mask joint venture. The object of the new joint venture is the industrial production of high-quality protective masks in Austria. The production and sale of protective masks for the domestic and European market will start in May 2020. Over the next few weeks, capacities shall be expanded to more than 25 million masks per month and the business shall also be expanded geographically.
Lenzing holds 50.1 percent and Palmers 49.9 percent of the shares in the joint venture company Hygiene Austria LP GmbH. Palmers contributes its many years of experience in the production and distribution of textile products and Lenzing its technological experience in the hygiene sector, its know-how in procurement, raw materials and knowledge in the field of engineering.
Hygiene Austria LP GmbH thus makes a significant contribution to the fight against the Covid-19 pandemic and secures the long-term supply of these critical goods in Austria in high quality.
Corporate / M&A Partner Florian Khol: “We are pleased that we were able to support the two Austrian companies Lenzing and Palmers in establishing the joint venture for an Austrian mask production. This under great time pressure in home office over Easter - once again an opportunity to demonstrate our high level of competence in advising companies.”
The Binder Grösswang’s team consisted of partner Florian Khol and attorney at law Hemma Parsché (both Corporate/M&A).
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