Startex Oy files for bankruptcy in Päijät-Häme District Court

Startex Oy, a manufacturer of ski wax, has filed for bankruptcy. The company submitted its bankruptcy application to the Päijät-Häme District Court on Friday, September 6. According to the application, Startex’s estimated debts exceed €2.1 million, with the largest creditors being Nordea Bank, Finnvera, and Rapala VMC Corporation. Its assets are estimated to be around €1.2 million.

In an interview with Kauppalehti, the company’s CEO, Hanna Salmi, stated that the company has had negative equity for a long time, and the mild winters in Europe have negatively impacted the market. In recent years, Startex’s revenue has been in the couple of million euros range, but last year it reported financial losses.

Startex has been the main collaboration partner for ski waxing for the Finnish national cross-country skiing team for several years, including the current 2023-2024 season. In addition to ski wax, the company from Hollola also sells products such as poles and roller skis, which are produced through subcontracting.