German sawmiller Rettenmeier has struck an agreement with its lenders on a restructuring plan.
The loan negotiations were led by Commerzbank and will allow the company to strengthen its core activities significantly over the next few years and divest non-core activities.
Rettenmeier will retain its sites in Wilburgstetten, Hirschberg and Ramstein, Germany, as well as in Incukalns, Latvia and most of its plant in Liptovsky Hradok in Slovakia.
Funding is secured until mid-2015.
“I am delighted that we have come to a successful conclusion,” said Dr Joseph Rettenmeier, CEO of parent company Rettenmeier Holding AG. “This will secure jobs for us and our suppliers.”
Rettenmeier recorded a turnover of €298m in 2010, while in the current year the figure is expected to be €340m.
The company has 1,428 employees and several sawmills, processing facilities and divisions in Germany and in Latvia and Slovakia.
