News

Powerflute, the Finnish containerboard manufacturer chaired by Dermot Smurfit, has agreed terms to acquire insolvent German wood-free paper manufacturer Papierfabrik Scheufelen.

Scheufelen said in a statement it anticipated the deal to be concluded by the end of November.

A Powerflute spokeswoman said she was unable to provide more information at this stage, but the agreement is subject to due diligence and to final approval by the Powerflute board of directors.

Scheufelen filed for insolvency in June and administrators are expected to run the business until the transaction is concluded.

The Lenningen, South Germany-based outfit employs 500 staff and produces a range of different papers with different finishes.