Glatfelter Corporation, a prominent global provider of engineered materials, has announced a significant development in its operations. The company has successfully sold Glatfelter Ober-Schmitten GmbH and related distributor operations in Asia to Ostrest GmbH, a company under the ownership of Ilkem Sahin, who also serves as the chairman of the board of IS Holding A.S.

Expressing his satisfaction with this development, Thomas Fahnemann, President and Chief Executive Officer of Glatfelter, highlighted the positive outcome of the sale. He mentioned that although this move diverges from their earlier plan to close the Ober-Schmitten site, the acquisition is a favorable result for all stakeholders involved. Fahnemann emphasized that this transaction not only benefits the company but also safeguards the employment and customer service associated with the glassine and electrical markets.

Mr. Ilkem Sahin, Chairman of IS Holding A.S., provided insights into the strategic significance of this acquisition. He expressed pleasure in supporting the local community and building upon the rich heritage of over two centuries of paper production in OberSchmitten. The acquisition aligns well with IS Holding's broader portfolio, contributing to their expansion efforts in Germany. Sahin highlighted the promising potential for the continued growth of the acquired site and affirmed the collaborative approach between site management, employees, and local committees to develop and implement a sustainable future plan.

This development underscores the dynamic nature of business strategies and acquisitions in today's global landscape. It also highlights the commitment of companies like Glatfelter and IS Holding to adapt, grow, and contribute positively to the communities they operate in.

Source:glatfelter.com