Italy's tissue paper and products company Sofidel will take over Hakle trademarks and brands. Hakle's self-administrating management also signed a continuation agreement with Sofidel for the company's production and converting operations.
Italy's tissue paper and products manufacturer Sofidel and the insolvent German tissue manufacturer Hakle have entered into an purchase and sale agreement which is said to help secure continued production at Hakle's tissue mill and converting facility near Düseldorf, Germany. Under the deal, Sofidel will acquire all shares in Hakle Markenhaus GmbH, including all its brands and intellectual property rights. The purchase price will not be disclosed.
According to the companies, the deal would allow Hakle to continue paper production and converting activities at the integrated facility in Düsseldorf-Reisholz. However, paper production and processing operations will be continued under a new name, Sofidel explained.
Hakle's creditors comittee already approved the proposed transaction structure, Hakle announced.The company's "self-administering management will now implement the terms of the transaction structure and the realignment in an insolvency plan, which will ultimately be submitted to the creditors' meeting for approval during the second quarter of 2023", the company explained. The transaction with Sofidel will become legally effective after the adoption of the insolvency plan, according to Hakle.
Hakle entered self-adminstered insolvency proceedings last September. The company said this was due to turbulences on the energy and raw materials markets and related costs increases which could not have been fully passed on to customers.