Feldmuehle – Paper manufacturer files for insolvency proceedings
GERMANY • The Schleswig-Holstein paper mill, Feldmuehle Uetersen GmbH filed for insolvency at the Pinneberg district court on January 24, 2018. Production, sales, and business operations will continue unimpeded. The court has appointed the Hamburg attorney-at-law and restructuring-expert Dr. Tjark Thies of Reimer Rechtsanwälte as the preliminary insolvency administrator.
Founded in 1904, the company has approximately 420 employees and produces around 250,000 tonnes of paper a year at its paper mill just west of Hamburg. Its products are used worldwide, mainly for the production of classic print products and in the packaging industry.
“Business operations will continue unimpeded. This goes for production as well as purchasing, sales, marketing and logistics,” says Tjark Thies. Heiner Kayser, Managing Director of Feldmuehle Uetersen GmbH says: “Employees will continue to be paid for their work: through the end of March 2018, their salaries will be covered by the Federal Employment Agency’s insolvency allowance.”
“Feldmuehle will continue the strategic reorganisation it has begun with the funds available to it under insolvency law. In particular, we will use the days and weeks ahead to review the extent to which the company could manage the economic rehabilitation just by itself,” says management consultant Ruppert. “A conceivable alternative to this would be its acquisition by an investor,” he adds.
Feldmuehle Uetersen GmbH develops and manufactures high-quality white coated label papers, packaging papers and graphic papers for the German and international market. In Uetersen, near Hamburg, the company has more than 400 employees. The annual production capacity is about 250,000 tons of paper.
The company has three business areas of labelling applications, packaging solutions and graphical options.