In a statement, the independent German paper mill said that at the end of January it decided to invest further in several stages in 2022 and 2023.

“The measures are mainly projects in the steam and condensate system, heat recovery and process improvement. Among other things, the measures will reduce energy consumption by a further 10%,” the company said.

The additional measures are part of a development plan for the next 10 years to secure the site and increase sustainability.

In October Feldmuehle temporarily implemented an energy surcharge of €100 (£83.44) per tonne for all of its products “due to the intermediately increased input costs of energy and gas”.

This followed a previously announced increase in prices for the company’s wet strength label papers by a minimum of 10%, which was effective on all new orders with deliveries from 1 October. The business had already put prices for the same papers up by 8% in April.

Around 18 months ago Feldmuehle strengthened its management team after trading above plan since it exited its insolvency proceedings at the beginning of 2020.

The company currently develops and manufactures high-quality white coated label papers and packaging papers for the German and international markets.