Glatfelter Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
Contents
5. Restructuring
- SALE OF OBER-SCHMITTEN, GERMANY FACILITY
In the third quarter of 2023, we sold our Composite Fibers’ Ober-Schmitten, Germany operations as part of the Company’s turnaround strategy that is aimed at improving financial performance of the Company’s overall business. The Company sold the facility forone euro and recognized a loss on the sale of $17.8 million during year ended December 31, 2023. The loss on sale is recapped as follows:
| In thousands | |
|---|---|
| Cash | $5,793 |
| Accounts receivable | 2,950 |
| Inventory | 5,039 |
| Prepaids and other current assets | 8,847 |
| Property, plant and equipment | 2,513 |
| Accounts payable and accrued liabilities | (7,337) |
| Loss on sale | $17,805 |
In connection with the sale, we entered into a transition services and distribution agreements with the purchaser pursuant to which we agreed to provide various back-office, information technology, commercial and operations support until the business is fully separated from us (estimated to be May 2024).
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