Powerflute takes over the Scheufelen paper mill
The Finnish company Powerflute is taking over the Scheufelen paper mill with effect from January 1, 2009. The business operations will be transferred to the investor in full and with around 500 employees. All conditions of the purchase agreement dated October 3, 2008 have been fulfilled.
The Finnish company Powerflute is taking over the Scheufelen paper mill with effect from January 1, 2009. The business operations will be transferred to the investor in full and with around 500 employees, according to a press release issued on Thursday. All conditions of the purchase agreement dated October 3, 2008 have been fulfilled.
The paper mill from the Lenninger Valley filed for insolvency on July 17, 2008. Business operations were maintained in full. Immediately after the insolvency proceedings were opened, the company, which produces 290,000 tons of high-quality coated paper annually, was sold to Powerflute. The purchase agreement was initially subject to various conditions, all of which have now been fulfilled. The transfer of business operations can therefore take place as planned on January 1, 2009.
The investor Powerflute is a public limited company listed on the London and Stockholm stock exchanges that produces corrugated base paper from birch pulp in Finland. The acquisition of the Scheufelen paper mill marks the investor's entry into the new business segment of coated premium papers.
The paper mill from the Lenninger Valley filed for insolvency on July 17, 2008. Business operations were maintained in full. Immediately after the insolvency proceedings were opened, the company, which produces 290,000 tons of high-quality coated paper annually, was sold to Powerflute. The purchase agreement was initially subject to various conditions, all of which have now been fulfilled. The transfer of business operations can therefore take place as planned on January 1, 2009.
The investor Powerflute is a public limited company listed on the London and Stockholm stock exchanges that produces corrugated base paper from birch pulp in Finland. The acquisition of the Scheufelen paper mill marks the investor's entry into the new business segment of coated premium papers.
