Groz-Beckert is a leading global supplier of industrial machine needles, precision parts and fine tools as well as systems and services for the production and joining of textile surfaces. In response to an enquiry from textile network, the company announced that the step of short-time working was necessary "in order to adjust the cost situation to the market situation after more than a year of falling sales".

The economic upturn following the coronavirus crisis had already lost momentum by the end of 2022, according to the company's statement. The economy weakened further over the course of 2023. Strong inflation had an increasingly negative impact on private consumption. In addition, the geopolitical climate and rising interest rates in numerous industrial sectors have put pressure on companies' willingness to invest.

"This reluctance to consume and invest is noticeable in the textile and construction industries and therefore in the turnover of the Groz-Beckert Group. Sales in the two business units Textile Tools (products for the textile industry) and Engineered Textiles (products for the construction industry) fell noticeably compared to the previous year. Based on these developments, Groz-Beckert has decided to introduce short-time working at its headquarters in Albstadt as of 1 January 2024. Working hours will be reduced by 20 %." According to Groz-Beckert, short-time working will begin with a week of closures in the first calendar week 2024. Needle production is initially excluded from this step in order to manage the move to the new production building.

The market situation will be analysed and evaluated on an ongoing basis. Groz-Beckert currently expects to maintain short-time working until April 2024 inclusive.

In 2022, Groz-Beckert generated a turnover of 814 million euros with around 9500 employees worldwide. The company is active in more than 150 countries with agencies, production and sales subsidiaries.