Two subsidiaries of the Lenk group in southern Germany are in financial difficulties and filed for insolvency. 230 employees are affected by the measure.
The two German specialty paper manufacturers Papierwerke Lenk and Schwarzwald Papierwerke have filed for self-administered insolvency proceedings on 14 February. Increased raw material prices and the loss of an important major customer were the main reasons for this decision, according to a press release. Board member Dirk Schuldt said that the forecasts for a new start were positive and the search for investors was already underway.
Papierwerke Lenk and Schwarzwald Papierwerke are part of the Lenk Group and produce specialty papers such as technical papers, medical papers, paper for bags and pouches, gift wrap paper or envelope paper. The two companies employ around 230 people. The other four subsidiaries of the Lenk group are reportedly unaffected by the insolvency.