The cotton mill was founded by G.F. Heymann in 1819. It was the third cotton mill of the town Flöha near Chemnitz. The main product of the factory was rayon and cotton yarns. The company was converted into a joint-stock company, which led to more financial resources and the construction of a new four-story building for additional production space. During the first years of the GDR it was incorporated in the “VEB Baumwollspinnerei Flöha” and later was adjoined to the “VEB Vereinigte Baumwollspinnereien und Zwirnereien”, which was a merger of many large spinning mills of the Erzgebirge. Yarns were produced for the GDR textile industry until 1990. From then on it was managed by the Treuhand which formed the company “Sächsische Baumwollspinnerei und Zwirnerei AG Flöha”. As it turned out the company was not very profitable and the weaving mill Gückelsberg ceased production in 1995. It was one of the first and was also the longest-operating cotton mill in Saxony. The building is protected by monument protection nowadays.
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