After having decided to sell its Martigny mill in Switzerland, the Gascogne group has now announced its intention to divest the other mills of its Laminates division, as well. A total of five sites are affected.
Gascogne will no longer produce laminates. The group said in a press release that it started proceedings to divest the whole Laminates division. At the start of the year, the company had already initiated the sale of its Swiss subsidiary Gascogne Laminates Switzerland. Discussions on the sale of the latter are currently taking place.
The measure is part of Gascogne’s reorganisation strategy. The company said the sale was aimed at substantially reducing the group’s debts. In 2011, net debts stood at €100.8m. The Laminates division generated consolidated sales of €184m and had an underlying operating loss of €2.4m, mainly due to the Swiss site which posted an operating loss of €3.4m.
Gascogne Laminates produces a broad range of multilayer materials, including laminates, lids, reinforced laminates, protective seals, release materials, gummed paper and self-adhesive materials and offers printing solutions. The division includes five production sites located in Dax, Jarnac and Ensisheim in France, Linnich in Germany and Martigny in Switzerland.