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Sale of Insolvent Paper Manufacturer Zanders Wrapped Up

Bergisch Gladbach, Germany 30 November 2018 − On 1 December, the newly founded "Zanders-Paper GmbH" will take over the Zanders site in Bergisch Gladbach (near Cologne). The company will continue to operate, albeit with a workforce reduced by one third.

Negotiations on the future of German specialty paper and board manufacturer Zanders were concluded on 29 November. Insolvency administrator Dr Marc d'Avoine reported that the negotiators had agreed on the sale of the company to "Zanders Paper GmbH" on 1 December. Zanders-Paper GmbH is a newly founded group of companies under the management of Terje Haglund. Among other activities, Mr Haglund is CEO of Virginal Papers, formerly Idempapers. The seller is Munich-based investment group Mutares.

According to Dr d'Avoine, Zanders will continue to produce high-quality specialty papers and boards in the future, albeit with only 300 employees. 150 staff will lose their jobs.


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