Deal could be finalised around the middle of April, administrators say
The joint administrators of Arjowiggins in the UK, FRP Advisory, announce that they have selected a preferred bidder for Arjowiggins Fine Papers Limited operations at Stoneywood in Aberdeen and in Basingstoke, and Arjowiggins Chartham Limited in Chartham.
In a statement the administrators explain that "the proposed deal is for the sale of the assets of the business as a going-concern, and the retention of all remaining staff." Currently the Stoneywood mill's staff numbers 482, the Basingstoke plant has a total workforce of 28 and the Chartham mill's number of employed is 86, the administrators say.
The prospective deal is subject to conclusion of due diligence, but it is hoped that the deal will conclude around the middle of April. The administrators so far declined to further comment on details of the bidder and the prospective transaction.
This is an excerpt of our report on Arjowiggins. Find the full article in EUWID Pulp and Paper issue no 14/2019, which will be available to our e-paper and print subscribers as of 3 April 2019.