SPO specialty paper mill in Nidda insolvent: international investor process planned
News General news
The specialty paper mill Ober-Schmitten (SPO) is insolvent. The Friedberg Local Court initiated provisional insolvency proceedings on September 4.
The court appointed Dr. Jan Markus Plathner from Frankfurt as provisional insolvency administrator. The paper mill has belonged to the Turkish İŞ Holding A.Ş. since mid-August 2023. Since then, it has formed the "İŞ Paper" division, for which preliminary insolvency proceedings have reportedly also been opened. Plathner explained in a statement at the beginning of September that an international investor process is to be launched soon for the future of the plant. No information was provided on the background to the insolvency.
The Turkish holding company took over the former Glatfelter plant in the summer of last year, after Glatfelter had previously announced the closure of the factory. In spring 2024, İlkem Şahin, Chairman of İŞ Holding, also announced plans to build a new, fifth paper machine.
The Ober-Schmitten specialty paper mill currently has a production capacity of around 10,000 tons per year of specialty papers. The portfolio includes glassine and electrotechnical papers for use in the packaging, industrial and electronics segments, for example. The paper mill employs around 200 people.
