On Jan. 28, 2019, the management and the works council signed a reconciliation of interests and social plan as part of the restructuring plan. The majority of the employees accepted the company's offer to switch to a transfer company on Feb. 1, 2019, to further qualify for the job market. Feldmuehle GmbH will continue its business operations with around 200 employees.
The new Specialty Paper business model includes all necessary measures to improve profitability and thus sustainable competitiveness of the company. Feldmuehle GmbH will continue to serve international markets by producing high-quality label and flexible packaging papers with an annual volume of about 75,000
Also on Jan. 28, the insolvency proceedings over the assets of Feldmuehle GmbH were opened at the Pinneberg District Court (IN 238/18) in accordance with the management's proposal. As in the preliminary proceedings, Dr. Dietmar Penzlin of Schmidt-Jortzig Petersen Penzlin Insolvenzverwaltung Partnerschaft von Rechtsanwaelten mbB, Hamburg, was appointed as solicitor. The process continues to be self-administered. The management is working on an insolvency plan, which should be implemented by summer 2019.