The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Paper And Paper Products 17 - Manufacture Of Paper And Paper Products
190 jobs Number of planned job losses
Announcement Date
4 September 2024
Employment effect (start)
4 September 2024
Foreseen end date
Description
As announced on 4 September 2024, the German specialty paper factory Ober-Schmitten, based in Nidda, has filed for preliminary insolvency proceedings. New investors are now being sought. It was only in August 2023 that the Turkish investor IS Holding purchased the factory from the American company Glatfelter. Around 190 employees are at risk of losing their jobs.
Whilst union IGBCE reported that wages for August 2024 have not yet been paid, employees are expected to receive pre-financed insolvency money for the next three months (as part of the preliminary insolvency proceedings).
4 September 2024: WirtschaftsWoche (online) (www.wiwo.de)
Citation
Eurofound (2024), Ober-Schmitten, Bankruptcy in Germany, factsheet number 201561, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201561.
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