Business Strategy

Who will save the Paolo Pigna paper mills?


The historic Italian paper mills Cartiere Paolo Pigna (Alzano Lombardo, in the province of Bergamo) are looking for a white knight. The president and chief executive officer Giorgio Jannone has, for the first time, announced it is opening up to third-party investors in view of the fact that the company, whose brand is known throughout the world and which was once a leader in the paper industry field, today has his accounts increasingly in the red. According to what can be read in the financial newspaper Milano Finanza, at the start of last June an extraordinary meeting was held in Bergamo (Lombardy) to consider the fate of the company of more than 180 employees which closed the 2014 financial year in the red again by 2.8 million after the 3.6 million deficit of the previous year.