Feldmuehle Moves Forward with Restructuring, Production Now Focused on Specialty Papers
Feldmuehle GmbH operates a paper mill in Uetersen, Germany, near to Hamburg. The mill will now focus production on specialty papers, i.e. wet and alkali resistant label papers as well as flexible packaging papers.
Jan. 30, 2019 - Feldmuehle GmbH announced that on January 28, 2019 the management and the works council signed a reconciliation of interests and social plan as part of its restructuring plan. The majority of the employees accepted the company's offer to switch to a transfer company on February 1, 2019 in order to further qualify for the job market.
Feldmuehle GmbH will continue its business operations from February 1 with around 200 employees.
On December 7, 2018, Feldmuehle announced that it would shut down paper machine 2 at its paper mill in Uetersen, Germany at the end of 2018 and focus the mill's production on specialty papers, i.e. wet and alkali resistant label papers as well as flexible packaging papers.
Feldmuehle said the new Specialty Paper business model includes all necessary measures to improve profitability and thus sustainable competitiveness of the company.
Feldmuehle GmbH will continue to serve international markets by producing high quality label and flexible packaging papers with an annual volume of approximately 75,000 tons.
Also on January 28, the insolvency proceedings over the assets of Feldmuehle GmbH were opened at the Pinneberg District Court (IN 238/18) in accordance with the management's proposal. As in the preliminary proceedings, Dr. Dietmar Penzlin of Schmidt-Jortzig Petersen Penzlin Insolvenzverwaltung Partnerschaft von Rechtsanwaelten mbB, Hamburg, was appointed as solicitor.
The process continues to be self-administered. The management is working on an insolvency plan, which should be implemented by summer 2019.
All previous restructuring steps were implemented according to plan and the company complies with its current business plan, Feldmuehle said.
Feldmuehle GmbH develops and manufactures high-quality white coated label papers and packaging papers for the German and international market. In these two business areas, the company offers a broad product portfolio for the label and packaging industry, printing houses, brand owners and converters. To learn more, please visit: www.feldmuehle-uetersen.com.
SOURCE: Feldmuehle GmbH