Turkish İŞ Holding takes over Nidda/Ober-Schmitten paper mill from Glatfelter

The Turkish İŞ Holding A.Ş., Istanbul, signed the purchase agreement through its German subsidiary Ostrest GmbH on Tuesday, 15 August, according to a statement. The contracting parties have agreed not to disclose the details of the transaction.

With the acquisition of the special paper mill, İŞ Holding intends to further expand its activities in Germany. A project team of the Turkish group will immediately start work on the future of the site, he said. "We will invest in effective and energy-efficient paper production for the glass and electrical industries at the Ober-Schmitten site, creating a sustainable operation for the future," said İlkem Şahin, chairman of İŞ Holding.

As recently as the second quarter report, published at the beginning of August, the closure of the plant was planned for the current third quarter. At the end of May, Glatfelter had announced that it would part with the plant due to increased energy and raw material costs and a lack of competitiveness. In Nidda, Glatfelter produces speciality papers such as glassine and electrotechnical papers with a production capacity of up to 8,000 tpy.