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Bankruptcy shock in Hagen: traditional company Kabel Premium closes forever!
The traditional company Kabel Premium Pulp & Paper in Hagen is ceasing operations after 120 years. Insolvency is putting a strain on the industry.
Bankruptcy shock in Hagen: traditional company Kabel Premium closes forever!
The traditional company Kabel Premium Pulp & Paper (KPPP) from Hagen has filed for bankruptcy after more than 120 years and has ceased operations. This is a drastic event not only for the workforce, but also for the local economy. With this decision, 426 employees are affected by the sudden layoff. Insolvency administrator Peter Neu said that the situation was particularly painful because KPPP looks back on a long and successful company history.
KPPP was founded in 1896 in the Kabel district of Hagen and specialized in letterpress, packaging and graphic papers. Despite a great legacy and long service, the company could not find a solution to continue operations. Expressions of interest from potential investors had no concrete success; no buyer was willing to take over the paper mill and its employees. This shows the challenging situation in which the entire industry finds itself.
Industry in transition
The decline in the German paper industry is alarming. Annual sales amounted to 15 billion euros last year, which corresponds to a decline of 2.7 percent compared to the previous year. The industry is struggling with high production costs, which are further burdened by increased prices for energy, logistics and raw materials. These financial challenges are not just a problem for KPPP, but affect many companies in the industry as they try to compete in a changing market.
The closure of KPPP is a clear sign of the challenges currently facing the paper processing industry. The end of this traditional company highlights the difficulties that many companies are currently experiencing. Experts warn that the situation could have a critical impact on regional labor markets.
Even though KPPP is now history, it remains to be seen how the German paper industry will develop in the coming years. The current upheaval is not only economic, but also has social dimensions, as many jobs are at risk. The industry urgently needs to find new ways to remain sustainable and competitive.
You can find more information about KPPP's bankruptcy at T Online and contributes to the general state of insolvencies in the paper industry EUWID.