Arjowiggins' banknote paper business to be sold to Blue Motion Technologies Holding.
Sequana announces it has entered into exclusive negotiations with Blue Motion Technologies Holding on the sale of Arjowiggins Security. Arjowiggins' security and banknote paper business runs one paper mill in Crèvecoeur in France. The divestment is scheduled for completion by the end of the first quarter 2018, "after a recapitalisation of Arjowiggins Security by Arjowiggins", according to Sequana. The transaction is still subject to statutory negotiations with employee representatives.
Once the sale of Arjowiggins Security is completed, Sequana will exit the banknote paper business which "has suffered substantial losses for more than two years" due to structural changes, volume reduction and overcapacities in the market, the company explained.
Previously, Sequana divested the security and banknote paper business in the Netherlands to Oberthur Fiduciaire. The Dutch company has been doing business since as HPV Security Paper.