German Tissue Specialist Hakle to Restructure in Self-Administration

According to Fastmarkets RISI, the German tissue products specialist Hakle has gone bust. The firm based in Düsseldorf announced at the end of last week that it will start a restructuring process under self-administration.

Hakle ascribed the move to the development of costs for energy and raw materials. “Since the beginning of the coronavirus pandemic in 2020, the energy-intensive paper industry has been subject to severe upheavals in the global raw materials, logistics and energy markets, and the war in Ukraine has further aggravated the situation,” the firm said in a statement. “The massive cost increases for raw material and energy procurement as well as transport could not be passed on to customers in the retail and drugstore sectors in a timely manner,” it added.

Hakle’s business operations are to be continued in full during the insolvency proceedings. Key customers and partners have reportedly already signalled their support, and salaries and wages for the firm’s employees will be covered by funds from the Federal Employment Agency from September until November. Hakle managing director Volker Jung will remain in charge during the self-administration process. He will be supported by lawyer and restructuring specialist Jan-Philipp Hoos from the law firm White & Case.

Hakle produces tissue and tissue products at one mill in Düsseldorf. According to Fastmarkets RISI’s Asset Database, the site’s sole paper machine has a capacity of around 50,000 mtpy.

Back to Tissue360 Newsletter