Sequana to sell Arjowiggins
| 10 July, 2018
Arjowiggins has entered into exclusive negotiations with Fineska for the sale of Arjowiggins Graphic and Arjowiggins Creative Papers.
Fineska BV is the parent company of Eska Group, the renowned Dutch-based graphic cardboard business controlled by Andlinger & Company, a private investment group which also owns Crown Van Gelder (CVG), a Dutch specialty papers manufacturer.
Information and consultation procedures have been initiated with the relevant work councils and the planned sale will be submitted for approval by the national competition authorities in all countries where it is required. The transaction is expected to complete by the end of October 2018.
The gross amount of the transaction should be €125 million. The businesses to be divested reported sales of €528 million in 2017.
This transaction is a major milestone for Sequana that would mark its exit from all paper manufacturing activities with the exception of Arjobex. Since 2008, Sequana has been refocusing on its paper distribution business through its subsidiary Antalis.