Operations at Germany's insolvent paper producer Feldmuehle Uetersen will continue. The company announces hat the buyer of the company is investment company Kairos Industries.
The future of German paper mill Feldmuehle Uetersen seems secure. The company announced that effective 15 June 2018, the company was transferred to a subsidiary of the Berlin-based investment company Kairos Industries for restructuring purposes and is to be continued in full. The company "Feldmuehle GmbH" was founded especially for the transfer.
As a result of the refurbishment, 400 of 420 jobs were preserved, says Feldmuehle Uetersen. The insolvency administrator had concluded an acquisition agreement with Kairos in May 2018. This agreement was under several challenging conditions, which were met this week, according to the company.
Feldmuehle Uetersen can produce up to 250,000 tpy of white, coated label paper, packaging paper, and graphic paper for the German and international market at its site near Hamburg. The companyhad filed for insolvency on 24 January 2018.