Tullis Russell Trucard and Gemini sold to PG Paper
Tuesday, August 25, 2015
An Inverclyde paper company has bought the Trucard and Gemini brands from the Tullis Russell administrators KPMG.
PG Paper in Kilmacolm near Glasgow acquired Trucard and associated brands, together with the Gemini range, “for a substantial sum” on Friday.
No further details of the amount paid have been revealed. KPMG joint administrator of Tullis Russell Papermakers, Blair Nimmo, said the company "was the highest bidder in a competitive sale process".
A PG Paper spokesman said the company owners – husband and wife team Puneet and Poonam Gupta - planned to manufacture the paper products. “They will be tendering globally to see what kind of response they get,” he said.
A statement released by the Guptas said both brands were “incredibly reputable and well-respected in the premium packaging board industry”.
“As a global paper company we feel the addition of these brands to our portfolio will enable us to strengthen our presence and continue to grow our established position in the market.
“Historically PG Paper’s strength lay in graphical grades and in recent years we have experienced significant growth in packaging and speciality papers and boards. We feel that Trucard and Gemini will enable us to solidify our presence and build upon our recent successes to achieve our ambitious growth plans for the future.”
The company was named as one of those interested in purchasing the company or its assets by administrators in May. It said at the time that it had appointed a team of forensic accountants to examine the Tullis Russell books.
Trucard was Tullis Russell’s most prominent brand, available in 76 countries. In 2014, the Fife-based papermaker sold 73,142 tonnes of Trucard-branded paper, PG Paper said.
The brand consists of a comprehensive range of premium coated and uncoated SBS boards, with good properties for graphical and packaging purposes. It comes in a variety of surfaces and is associated with the Tru, Truflo, Truscal, Trulux and Trusilk brands.
The Gemini cartonboard brand was acquired by Tullis Russell from Inveresk in 2005 in a multimillion-pound deal in a bid to strengthen the company’s cartonboard portfolio.
The 206-year-old Tullis Russell Papermakers went into administration on April 27, on the request of company directors, with 325 people made immediately redundant. The remaining 149 people subsequently lost their jobs. The company was part of the Tullis Russell Group, which continues to trade.
PG Paper was established and had a turnover of £20.4m in its last filed accounts, for the financial year to 31 March 2014. It has since said its turnover has risen to £30m.