Romania's major face mask manufacturer Techtex declares bankruptcy
Techtex, a leading manufacturer of personal protective equipment, notably face masks, has hit a rocky road. According to Ziarul Financiar, the Romanian factory, part of the IKEA supplier Taparo Group, has plunged into insolvency.
Mihai Filip, Techtex's majority shareholder and Taparo CEO, has acknowledged that the company is undergoing a market repositioning strategy. Now, the focus is on selling protective equipment to hospitals and specialized distributors globally, with deliveries to facilities in Romania, Austria, and Spain already underway.
The insolvency has led to a halt in production for a couple of months – no activities were carried out in February and March 2025. Unfortunately, the data suggests that Techtex's financial troubles started brewing much earlier. In 2023, the company experienced a substantial 33% drop in revenue, settling at RON 87 million. Although the net profit slightly improved to RON 3.7 million, the average workforce has reduced to 169 employees (from 283 the previous year and 316 in 2021).
On a brighter note, Techtex made a sizable investment of around EUR 20 million during the 2020 pandemic to establish a medical textile factory in Romania. The new factory produced various items, such as masks (Dr. Albert brand), gowns, coveralls, and bed linen.
Meanwhile, the financial performances of other Techtex-branded companies show a different picture. For instance, Rishi Techtex Limited in India reported a 18.38% year-on-year increase in net sales and EBITDA for the quarter ending March 2025, demonstrating robust growth. Unfortunately, no similar positive indicators can be found for the Romanian unit.
Unfortunately, information about the Taparo Group was not found in the available sources. Here's to hoping they'll weather this storm, just like the other Techtex companies.
Despite the market repositioning strategy implemented by Techtex and Taparo Group, the ongoing insolvency has forced a temporary halt in production, affecting businesses in Romania, Austria, and Spain. The financial troubles seem to have a lengthy history, as indicated by a significant 33% drop in Techtex's revenue in 2023, coupled with a diminishing workforce.
