Glatfelter Corporation, a leading global supplier of engineered materials, has announced the sale of Glatfelter Ober-Schmitten GmbH and certain related distributor operations in Asia to Ostrest GmbH, a company owned by Ilkem Sahin, the chairman of the board of IS Holding.

“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 IS Holding. While the 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,” said Thomas Fahnemann, president and chief executive officer.

“Ilkem Sahin is the chairman of the board of the family-owned and operated IS Holding, a well-established enterprise with a 70-year history rooted in rich values that operates with an entrepreneurial, results-oriented spirit,” continued 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. The acquisition fits well into the portfolio of IS Holding, which thus further expands its activities in Germany. IS 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,” Ilkem Sahin, chairman, IS Holding, said.