A solution has been found for German Buchmann. Weig, also based in Germany, will take over the cartonboard producer retrospectively with effect from 1 January 2023.
The shareholders of the German companies, which are both owner-managed, signed an agreement at the beginning of March 2023. The sale is subject to the approval of the relevant antitrust authorities. The companies did not provide any further information on the transaction.
Roland Rex, member of the management of Weig Karton, expects official approval from the German competition authorities in the course of the next one to two months. He regards the Buchmann takeover as and "ideal complement" as both companies have a similar product range and a similar business culture.
Mr Rex did not want to give any more specific details on concrete plans yet. Official approval had to be granted before the two companies could look into more details here.
Buchmann has been up for sale since September 2022. At that time, the company explained that the sale was not driven by economic uncertainties, but rather against the background of an orderly succession plan for the family-run company based in Annweiler. Buchmann has 330 staff and runs one board machine with a capacity of up to 260,000 tpy of GD and GT board and liner.
Weig has around 1,500 employees and produces GD, GT and gypsum board. The company's site in Mayen, Germany has a total capacity of 630,000 tpy. The company also produces packaging and provides recycling services.
*this article was updated on 14 March 2023
