Feldmuehle bolsters management team amid strong year
Wednesday, September 2, 2020
Independent German paper mill Feldmuehle has strengthened its management team after trading above plan since it exited its insolvency proceedings at the beginning of the year.
Last month, the company's shareholders appointed Bernd Weber to the management with sole power of representation. As the company's chief financial officer, Weber is responsible for accounting, IT, human resources and treasury.
In a statement published today (2 September), the business said it “expects latent consolidation pressure” in the market medium and long term, with simultaneously increasing pressure to innovate on the product side, and it has therefore aligned its strategic business planning accordingly.
“By appointing Bernd Weber to the management, the management's ability to act – and communication with our financial partners – will be significantly strengthened,” the company added.
Feldmuehle successfully completed its restructuring process, which began in 2018, in December 2019, before exiting insolvency proceedings for the second time the following month. In March the business revealed that it had fulfilled its restructuring plan payments more than a year ahead of schedule.
During the restructuring phase, Feldmuehle was led by managing directors Heiner Kayser and Steffen Liebich.
In addition to various structural process improvements, the company said its extensive restructuring measures have also “significantly strengthened” its financial resilience to external unplanned incidents.
Even despite the effects of the coronavirus pandemic, therefore, the company said its results since the beginning of 2020 “have been above plan in all planning references, especially in terms of operating result and cashflow”.
Based just west of Hamburg, Feldmuehle currently employs around 200 staff, serves both German and international markets and produces an annual volume of around 75,000 tonnes.