Papierfabrik Scheufelen files for insolvency
LENNINGEN, Germany , July 18, 2008 (Press Release) - Papierfabrik Scheufelen, Lenningen, filed for insolvency at the Amtsgericht Esslingen (Esslingen Local Court) on 17 July 2008. Dr. Jobst Wellensiek from Heidelberg has been appointed the provisional administrator. Dr. Wellensiek is highly respected and is experienced in insolvency administration and company restructuring. The prospects that the family-owned firm will be able to continue in business are viewed as positive. Good order books and productivity indicate that prospects for the future are good. Production has already resumed. Despite extensive restructuring measures and a new strategic focus for its portfolio of products and services, the company has been unable to absorb the dramatic increases in the cost of energy and raw materials over recent years.
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