On January 23, the District Court of Noord-Holland declared the Dutch paper company Crown Van Gelder bankrupt. This company is a producer of various types of paper for specific applications in graphics, label and packaging industries (ice-cream packaging, luxury shoppers, label papers, specialties, paper for High-Speed inkjet printers…). The company was forced to this decision since it anticipated payment obligation could no longer be met.
Crown Van Gelder is the legal successor of Crown Van Gelder N.V. which entity was listed on the Amsterdam Stock Exchange from 1985 to 2015 and acquired a unique market position by offering innovative solutions.The company employs over 250 people and its mill located in Velsen produces some 160,000 tpy on 2 PMs using alternative fibers like sugar beet (Crown Native range). Over 90 % are sold to customers outside the Netherlands.
According to the press release, the financial problems are a result of a combination of factors. Despite the positive operating result for financial year 2022 and persistent efforts, Crown Van Gelder has not been able to resolve a liquidity shortfall mainly caused by increased costs (especially energy and raw materials) and a sudden drop in orders resulting in unusually long stand still of production. In addition, the company is uncertain about market developments in the near future. The managing board and bankruptcy trustees are in deliberation with several interested parties with respect to the possible continuation of the activities in the future.
RELATED NEWS
