Palero invest, a private equity fund based in Luxembourg, is acquiring the Kimberly-Clark (Dallas, Texas, USA) Reisholz tissue manufacturing mill and its German rolled tissue brands, including Hakle Dry Toilet Tissue, Dick&Durstig, and Servus. The sale is part of K-C's Global Tissue Restructuring plan, announced in January 2011.
A key priority throughout the sale process has been to ensure the future of the mill, K-C noted. Palero intends to continue to operate the mill as a going concern. The existing team will lead the future stand-alone business and manufacture and market branded as well as private label products for existing and new customers. The transaction will be completed in the first quarter 2013.
Kim Underhill, president, Kimberly-Clark Consumer Europe, said that "although this was a tough decision for Kimberly-Clark, it is a strategic divestment and I believe selling Reisholz and the associated rolled bath tissue brands in Germany is the right decision for the future of the mill and people who work there."
Felix Frohn-Bernau from Palero added that "we strongly believe in the future of the mill, the team, and the Hakle brand. We are looking forward to maneuvering the business into a great future on the basis of an experienced and motivated team, a good production facility, and a strong brand portfolio."
K-C will continue to use the Hakle Moist brand name for its Moist Bath Tissue brand in Germany for a period of time, after which the product will switch to another brand name. Furthermore, K-C will continue to be the owner of the Hakle brand across both Dry Bath Tissue and Moist Bath Tissue in Austria and Switzerland.
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