Independent German paper mill Feldmuehle Uetersen confirmed earlier this week to PrintWeek (London, U.K.) that it has been acquired, with more than 95% of jobs saved.

Following reports last month that the business, which filed for insolvency in January, had been acquired by a holding company, the buyer’s identity has now been unveiled as a subsidiary of Berlin-based private equity company Beteiligungsgesellschaft Kairos Industries.

400 of 420 jobs have been saved according to insolvency administrator Tjark Thies of Reimer Rechtsanwälte, who said the conditions of the deal were met this week.

"The successful completion of this refurbishment is largely thanks to the dedication, flexibility and responsiveness of the Feldmuehle employees," said Thies.

"At the end of May 2018, the Feldmuehle Works Council approved a 10% salary waiver for employees until December 31, 2019, thereby creating an essential prerequisite for the financing of the acquisition."

Producing around 250,000 metric tpy of paper a year at its mill, just west of Hamburg, Feldmuehle Uetersen has a history stretching back to 1904.