Palm Group, based in Germany, has acquired the business and assets of U.K.-based Cheshire Recycling, a subsidiary of Bridgewater Paper Co., from administrators Ernst & Young. Earlier in February 2010, Bridgewater Paper, a subsidiary of AbitibiBowater, filed for bankruptcy protection.
The Palm Group consists of Papierfabrik Palm, with four mills housing seven paper machines, and the Palm Packaging Group, with 18 corrugated plants producing corrugated boxes, according to the company’s Web site.
The company purchased Cheshire, formerly called AbitibiBowater Recycling Europe, as an on-going concern, according to press reports.
"For Palm Paper, this means long-term, secure supply of fiber for our King's Lynn, U.K., mill, while Palm Recycling will work with the company's business partners to provide continuity of service from the existing operations team," says Wolfgang Palm, Papierfabrik Palm's chief executive.
The company provides waste management services to local authorities throughout the U.K. and operates from Ellesmere Port, Cheshire.
The Cheshire location has grown its operations in the last 25 years from paper collection depots in the United Kingdom to its present operations, which include multi-material collections.
The old newspapers and old magazines, presently collected by Cheshire, will be used by Palm Paper’s new mill in King’s Lynn.
Under the terms of the agreement, Palm also will have access to press room material generated at newspaper printing plants through contracts previously held by Cheshire Recycling.
Meanwhile, production at AbitibiBowater's U.K.-based subsidiary Bridgewater Paper Co. has ceased and staff members have been temporarily laid off at the recycled newsprint mill.
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