Dutch paper manufacturer Crown van Gelder has come to a standstill due to financial difficulties. The company has been forced to file for bankruptcy.
The paper mill, founded in 1896, employs 250 people at its two-machine plant in Velsen, the Netherlands. With a focus on innovation, it produces more than 200 types of paper for specific applications, such as ice cream packaging, luxury bags and high-speed inkjet printers. Among other things, it created the Crown Native the first paper made from sugar beet . 90% of its production is exported.
The bankruptcy was the result of a combination of factors, according to the company's statement. Despite a "positive operating result" for fiscal year 2022, the producer was unable to respond to "a need for liquidity mainly caused by rising costs (of energy and raw materials) and a sudden drop in orders leading to an unusually long shutdown of production" .
Crown van Gelder adds to this the uncertainty of the market evolution in the short and medium term.
Although production is currently stopped, it could be restarted. The board of directors and the receivers are "in discussion with several interested parties as to the possible continuation of the business in the future" .
