Fujian-based knitting machinery leader Huixing Machine has completed the acquisition of the core business of 120-year-old German counterpart Mayer & Cie for an undisclosed amount. Rödl & Partner, German firm Grub Brugger and European law firm PLUTA Rechtsanwalts advised on the transaction.
The Fujian provincial government has described the acquisition as the first cross-border M&A completed by a privately owned enterprise in Shishi.
Founded in 1905 in Albstadt, Germany, Mayer & Cie, is regarded as a “hidden champion” in the circular knitting machine sector. It operates production facilities in Germany, the Czech Republic and China, exporting its products worldwide.
However, amid a sharp decline in global orders beginning in 2022, the company filed for self-administration insolvency with the local court in September 2025, and formal insolvency proceedings were opened in December that year. Its factories were subsequently closed, and employee contracts ended in February 2026.
Huixing signed the acquisition agreement with Mayer & Cie in February 2026, purchasing all core assets related to its circular knitting machine business. These include real estate and supporting production equipment at the Albstadt headquarters, as well as the entire equity interests in its Czech and Chinese subsidiaries.
In the transaction, Rödl provided comprehensive legal services to Huixing, covering both PRC and German law. The team was jointly led by Victor Wang, partner and head of China business, and partner Thomas Fräbel. Wang worked closely with Huixing’s in-house legal team on PRC law matters, including foreign exchange controls. Fräbel and associate partner Claudia Geercken advised on German law, while partner Melanie Köstler led the tax advisory team. Rödl’s Prague office also advised on legal matters relating to the Czech subsidiary.
The transaction was conducted under the German Insolvency Code. Grub Brugger advised Mayer & Cie’s management, with partner Martin Mucha among the team. The local court appointed PLUTA Rechtsanwalts equity partner Ilkin Bananyarli as insolvency administrator to represent creditors’ interests and oversee the transaction.
The deal received regulatory approvals from the Chinese and German authorities on 15 April 2026 and has formally closed. Mayer & Cie is gradually resuming production and will rehire former employees under a new entity.
Founded in 1998 in Shishi, Fujian province, Huixing Machine focuses on the research and development, manufacturing and sale of circular knitting machines, as well as supporting software development. Huixing’s general manager, Xu Hongjie, has been appointed global managing director of Mayer & Cie. He said the company would operate independently under the Mayer & Cie Global brand, retain its product portfolio, and maintain Albstadt as its international R&D centre and high-end manufacturing base, preserving its “Made in Germany” philosophy.
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