Glatfelter Corporation has sold its specialty paper site in Ober-Schmitten, Germany and certain related distributor operations in Asia to Ostrest GmbH, a company owned by Ilkem Şahin, the chairman of the board of İŞ Holding A.Ş.

“I am very pleased that Glatfelter’s Ober-Schmitten site, along with its related sales and distribution in Suzhou, China and Hong Kong, will continue to operate and service the glassine and electrical markets under the new ownership of İŞ Holding. While today’s announcement is a departure from our previously announced plan to close Ober-Schmitten, the sale of this business is a great outcome for all stakeholders, including the employees who service the customers in these markets,” says Thomas Fahnemann, President and Chief Executive Officer.

“Ilkem Şahin is the chairman of the board of the family-owned and operated İŞ Holding A.Ş., a well-established enterprise with a 70-year history rooted in rich values that operates with an entrepreneurial, results-oriented spirit,” continued Mr. Fahnemann. “I am confident their culture and way of doing business will play an important role in building the future success for Ober-Schmitten. By completing this sale with an immediate effective date, Glatfelter will mitigate any anticipated costs associated with closing the Ober-Schmitten site as communicated during our second quarter earnings release.”

“With the specialty paper factory in Nidda, we are pleased to support the community and to be able to positively contribute to the over two hundred years of paper production tradition in Ober- Schmitten,” Şahin says. “The acquisition fits well into the portfolio of İŞ Holding, which thus further expands its activities in Germany. İŞ Holding sees a good perspective for the continuation of the site. Together with the site management, all employees, as well as the committees of the city of Nidda, a sustainable concept for the future will be developed and implemented in the coming weeks.”