The leadership team, headed up by current managing director Jonathan Mitchell, completed a deal with French administrators Abitbol & Rousselet and Thevenot Partners yesterday (1 October) for the Guarro Casas mill in Spain, which has been in operation since the end of the 17th century and produces paper with long fibres, the Quzhou mill in China, which like Chartham produces translucent papers, and offices in France and Milan.
The new company, Arjowiggins Group Ltd, will be headquartered in Scotland.
Mitchell said: “This is great news, not just for everyone at Arjowiggins but for the industry as a whole. The completion of the second phase of the MBO draws to a close an unsettling period for the business and we’re delighted to now be able to start a new chapter in the brand’s history.
“I’d like to extend my sincere thanks once again to our staff, customers, suppliers and the Scottish Government. Without their ongoing support this deal would simply not have been possible.”
He added: “Arjowiggins Creative Papers has world-leading brands and products and a talented team. There will be no major strategic change for the business. The priority now is to continue the projects we have already committed to, strengthen our activities in a sustainable manner and identify future opportunities for the sector.”
The MBO team’s purchase last week of Arjowiggins Fine Papers and Arjowiggins Chartham, which went into administration on 15 January, had secured 559 jobs – 450 at the Stoneywood mill in Aberdeen, 82 at the Chartham mill in Kent and 27 at a sales office in Basingstoke.