Neudorf, Germany 03 Jun 2014 -- Prinzhorn Holding is widening its presence in Germany. The group's takeover of the 205,000 tpy Fritz Peters paper mill has been approved.

Austrian company Prinzhorn Holding has received approval for taking over the Fritz Peters paper mill in Gelsenkirchen, Germany. The company reported on 2 June that the outstanding approval from the German cartel office was issued that day. The takeover is retroactively effective from 1 January 2014. The two parties involved have agreed not to disclose the transaction sum.

Fritz Peters has an annual output of 205,000 t of white and brown testliner and plasterboard. The mill and its 140 employees are being integrated into the structure of Hamburger Rieger, the German subsidiary of Prinzhorn Holding. The mill's staff and management remain unchanged. The new subsidiary last generated sales of approximately 95,000 t. The takeover raises Hamburger Rieger's output in Germany to roughly 670,000 t of corrugated case material.