Ostrest completed the acquisition of Glatfelter Ober-Schmitten from Glatfelter.

Ostrest, a holding company, completed the acquisition of Glatfelter Ober-Schmitten, a paper manufacturing facility from Glatfelter, a paper manufacturer. Financial terms were not disclosed. “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 İŞ Holding. While today’s 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,” Thomas Fahnemann, Glatfelter President and CEO.