State bank to assist in funding the restart of recycled pulp production
French state-owned bank Banque Publique d’Investissement (BPI) has acquired a 45% stake in French recycled pulp producer Delion France, which is to trade under the name of Ecocis from now on. The former sole owner of the company, the investment company Springwater Capital, retains a share of 55%. BPI gave EUWID confirmation that funds are to be provided to ensure the works’ planned resumption of operation. BPI is planning to invest up to €15m, and Springwater Capital up to €18m.
No fundamental changes are planned in the range of products, and production of recycled pulp is to continue. Ecocis said it would focus on recycling lower quality recovered paper, which would normally be burned or landfilled. The company is to sell its pulp to other customers than newsprint and magazine paper producers. New target groups would include tissue paper, office paper and cartonboard producers world wide, not only local customers, the company said.
Operations at the mill, based in Voreppe near Grenoble, are now scheduled to be resumed at the beginning of 2016 after the original plan had been to reopen in mid-2015 and then in December of this year.
Banque Publique d’Investissement is a French public-sector bank whose purpose is partly to finance smaller-scale and mid-sized companies. Shareholders in BPI in equal parts are the French state and the similarly state-owned Caisse des dépôts et consignations.