Arjowiggins www.arjowiggins.com, subsidiary company controlled by Sequana www.sequana.com, has announced its intention to sell Arjowiggins Security, which mainly produces paper for banknotes at the Crèvecoeur plant in France. The buyer is allegedly Blue Motion Technologies Holding, with the consultancy of Parter Capital Group.
Closing this transaction, for which legal negotiations with the workers’ representatives are still ongoing, would enable the group to finally exit the banknote paper market and is expected to take place by the end of the first quarter of 2018 after the recapitalization of Arjowiggins Security by Arjowiggins.
After selling the Dutch subsidiary of Arjowiggins Security and its plant in Apeldoorn in the Netherlands in July 2017, the proposed sale of Arjowiggins Security would enable Sequana to finally exit the sector of banknote papers, which has suffered substantial losses for over two years due to structural changes, a reduction in volumes and market overcapacity.