Only weeks before the scheduled closure, the Nidda/Ober-Schmitten site has found a buyer.
Glatfelter's Nidda/Ober-Schmitten will not be closed down after all: Via its German subsidiary Ostrest, Istanbul-based İŞ Holding has signed an agreement to buy the site on Tuesday 15 August, according to a statement. The acquisition includes the sales and distribution offices in Suzhou and Hongkong. The contracting parties have agreed not to disclose details of the transaction.
With the acquisition of the specialty paper mill, the Turkish company will further expand its activities in Germany. A project team from the Turkish group will immediately start work on the future of the site, İŞ Holding stated.
"We will invest in effective and energy-efficient paper production for the glass and electrical industries at the Ober-Schmitten site, creating a sustainable operation for the future," said İlkem Şahin, chairman of İŞ Holding.
The transaction comes none too soon: at the end of May, Glatfelter had announced that it planned to close down the plant due to increased energy and raw material costs and the plant's ensuing lack of competitiveness. In Q2 2023 alone, the site recorded a loss of $4m, which demonstrated that the closure – scheduled for Q3 2023 – was the best solution for the company.
The Ober-Schmitten site can produce up to 8,000 tpy of specialty papers such as glassines and electrotechnical papers.
Istanbul-based İŞ Holding has 20 subsidiaries which are active in a big variety of sectors like textiles, packaged foods and snacks, energy generation, logistics, construction, information technology and consumer goods.
This article was extended on 21 August 2023.
