Zanders has been acquired by a team led by Norwegian pulp and paper businessman Terje Haglund, becoming Zanders Paper effective December 1, 2018.
Zanders began insolvency proceedings in the summer and has since reported a number of developments intended to safeguard the business and production in Bergisch Gladbach, Germany. This included the sale of its production site to the city of Bergisch Gladbach. The company has also been forced to implement price increases to reflect rising raw material costs.
Haglund and his team acquiring Zanders will be introduced fully in due course, but a takeover by a partner already working in paper production is described as ‘the best possible solution for Zanders’.
Dr Marc d'Avoine, insolvency administrator at Zanders, said: We are pleased that the acquisition will be made by paper professionals who are already very successful in the industry. The continuation of paper production at Zanders is thus assured. All know-how carriers remain on board.#
‘Thanks to the know-how on both sides, there are very good prerequisites for securing the Bergisch Gladbach location for the long term.’
Business operations will continue with around 300 employees, meaning around 150 employees will have to leave the company. For those affected, an interim employment society will make the consequences socially acceptable by continuing to pay a large part of the salary for seven months, as well as job search assistance. In addition, the works council and especially the city of Bergisch Gladbach will offer help, such as with a job market where local companies can present their vacancies and personal conversations are possible.