Startex, Ski Wax Manufacturer, Declares Bankruptcy Amidst Mild Winters

Startex, a Finnish ski wax manufacturer, has officially filed for bankruptcy, a move that underscores the impact of changing weather patterns on the sport. The bankruptcy petition was filed on September 6 at the Päijät-Häme district court. The company now faces estimated debts exceeding 2.1 million euros, with major creditors including Nordea Bank, Finnvera, and Rapala VMC Corporation. Startex's assets, on the other hand, are estimated at about 1.2 million euros.

In an insightful statement, CEO Hanna Salmi revealed that the company has struggled with negative equity for an extended period, a situation largely attributed to the lack of snow and declining sales linked to the increasingly mild winters across Europe. Despite reporting revenues of around two million euros in recent years, Startex faced losses last year, further highlighting its financial difficulties.

Startex has played a crucial role as a partner for the Finnish national cross-country skiing team, providing ski waxing services for several years, including the ongoing 2023-2024 season. Beyond wax, the company also markets ski poles and roller skis through subcontracting arrangements, showcasing its broader commitment to the sport.