Hahnemühle FineArt's Reflex Premium Papier in Germany files for insolvency, but its Düeren, Germany, paper mill will continue operating while it drafts new business strategy; mill has been unprofitable despite investments in past 18 months
July 11, 2013
– Reflex Premium Fine Papier GMBH in Germany has filed for self-administered insolvency, giving it three months to come up with a feasible plan for its future viability, Euwid reported on July 11.
The fine and specialty paper mill in Düeren, Germany, will continue to operate under the insolvency. It has production capacity of 27,500 tonnes/year, but this has not been reached for a few years.
Hahnemühle FineArt GMBH bought the Reflex mill from M-real Zanders in January 2012. Zanders Gohrsmühle and Zanders Classic are among the grades produced by the company’s premium paper division, reported Euwid.
The Düeren mill has been unprofitable despite investments totaling seven figures over the past 18 months. The company’s liquidity is largely used up, company managers said, but noted that debt is not excessive.
Although cost-cutting measures were undertaken, the mill has been undermined by ongoing weakness in the graphic paper market that has put pressure on prices, making price increases impossible, reported Euwid.
The primary source of this article is Euwid, Gernsbach, Germany, on July 11, 2013.