White coated label papers manufacturer Feldmuehle, which acquired all substantial assets of Feldmuehle Uetersen in spring this year, has filed for insolvency under self-administration.
Image: Feldmuehle has filed application for insolvency under self-administration. Photo: courtesy of hywards / FreeDigitalPhotos.net.
Feldmuehle is engaged in the development and manufacturing of white coated label papers, packaging papers and graphic papers for the German and international market.
The management of Feldmuehle has filed an application with the competent local court in Pinneberg of Germany to open insolvency proceedings under its own administration.
Feldmuehle has filed for insolvency to carry out the necessary reorganization/restructuring of the company.
The company noted that it has been adversely and unforeseeably affected this current year by unexpected increased energy costs and procurement prices for raw materials.
The management has implemented extensive measures to increase operating profitability during the current year.
Feldmuehle said the rise of variable costs could not be offset by implemented price increases due to its lower-than expected revenues in September and October of this year.
Pinneberg Local Court ordered the provisional self-administration, following the management’s application.
Dietmar Penzlin of SchmidtJortzig Petersen Penzlin Insolvenzverwaltung Partnerschaft von Rechtsanwälten from Hamburg has been appointed as provisional administrator.
The provisional administrator will study the economic situation and supervise the management of the company. The management of the company has power of disposition.
Restructuring within the framework of self-administration will allow the firm’s management to implement required measures for improving profitability and taking measures for sustainable competitiveness.
Feldmuehle has also filed an application to the Pinneberg local court for paying mass liabilities for future deliveries and services ordered by the company.
Feldmuehle operates three business segments, including labeling applications, packaging solutions and graphical options.
With around 400 employees in Uetersen near Hamburg, the company’s annual production capacity is around 250,000 tons of paper.
The firm supplies a range of products to the label and packaging industry, printing and publishing houses, brand owners, agencies, and converters.
In June this year, the subsidiary of the Berlin-based Beteiligungsgesellschaft Kairos Industries acquired Feldmuehle.
Kairos Industries a specialist in takeover and operational support of German medium-sized companies in special situations.