Mutares : Subsidiary Zanders GmbH continues restructuring in self-management

• Self-management of Zanders GmbH offers additional options for action
• Since its acquisition by Mutares AG, Zanders GmbH, revenues have grown at a CAGR of 12 percent

Munich, June 22, 2018 Mutares AG (ISIN: DE000A0SMSH2) announces that the restructuring of its subsidiary Zanders GmbH will continue under self-management. Today, the District Court of Cologne granted a corresponding request by Zanders GmbH. In addition to Igor Ferlan, the attorneys-at-law Christian Köhler-Ma and Gordon Geiser were appointed to the restructuring management.

In conjunction with the self-management, the balance sheet of the traditional paper manufacturer is to be significantly unburdened. In the next three months, a restructuring plan is to be laid out with the aim of securing operations of the paper manufacturer based in Bergisch-Gladbach and setting it up to remain competitive in the long term. Mutares AG will closely accompany and support the process.

Since the acquisition of Zanders GmbH by the Munich-based investment firm Mutares AG in 2015, the Company has significantly improved revenues and earnings. Employee commitment reduced personnel costs and new business areas were developed through investment in research and development. The factory has been significantly modernized. Despite the considerable transformation, the manufacturer of high-quality specialty papers suffered not only from permanently high costs for company pensions but also from extremely increased raw material prices. For example, the costs of raw materials (pulp) and energy have hiked by around 40 percent in the past 12 months.

'The self-management of the restructuring extends the options for actions in the course of the restructuring. Measures we have taken so far, such as investments in research and development activities, have resulted in a compound annual growth rate of 12 percent for Zanders GmbH, especially in the past three years. In addition, we have received an overall positive assessment of the restructuring prospects from the restructuring managers. We will continue to accompany the process with passion and commitment and are convinced of a successful restructuring,' says Dr. Wolf Cornelius, COO of Mutares AG.