Lenzing, the Austrian cellulose fiber manufacturer, reported a rise in profit for the first half of the year, even as revenue declined.
The top-line contraction was driven by the strategic reduction of fiber production capacity and lower proceeds from asset sales, according to Derstandard Econ.
The financial results coincide with significant structural changes at the company.
Lenzing is set to cease fiber production at its Burgenland facility in Austria by the end of this year.
Additionally, operations at its site in England are scheduled to wind down in 2027.
These closures are part of a broader restructuring effort that will result in the elimination of approximately 2,000 jobs worldwide.