German paper-based packaging firm Feldmuehle is planning to restructure its operations by focusing on wet and alkali resistant label papers as well as flexible packaging papers production.
The company’s latest move follows the approval of the Pinneberg local court for insolvency proceedings filed on 19 November under the company’s own administration.
The German packaging firm has also appointed Dr Dietmar Penzlin of Schmidt- Jortzig Petersen Penzlin Insolvenzverwaltung Partnerschaft von Rechtsanwälten as provisional administrator.
Feldmuehle believes that the restructuring will help the firm to enhance profitability and achieve sustainable competitiveness.
The company has discontinued graphic papers production and shut down the paper machine 2 at the plant.
As part of the restructuring, Feldmuehle is also planning to reduce its workforce to around 180 employees and assist employees affected by this decision in moving to a transfer company.
Feldmuehle is part of a subsidiary of the Berlin-based Beteiligungsgesellschaft Kairos Industries.
The company offers white-coated label papers and packaging papers to customers in German and international markets.
Its product portfolio features label paper, flexible packaging paper, graphic kraftliner, SBS board and coated fine paper to serve label and packaging industry, printing houses, brand owners and converters.
Feldmuehle currently employs around 400 employees in Uetersen near Hamburg, and produces around 250,000t of paper annually.