In March 2023, Ahlstrom launched a consultation process with employee representatives at its Stenay plant in France about the possibility to divest the plant, and if a buyer cannot be found considering closure. After a long process to identify potential buyers, Ahlstrom has received an unconditional binding offer from Accursia Capital to acquire this plant. The potential acquisition is subject to consultation with employee representatives.
« Since the beginning of the consultation period, finding a buyer has been Ahlstrom’s priority, the Group explains in a press release dated July 24. The group has been working actively with all the local economic and political stakeholders in the area to support the process of finding a buyer. With a strong commitment to achieving a positive outcome for all parties involved, Ahlstrom would be dedicated to making every effort during the transition to ensure the plant successfully enters its new chapter. »
Ahlstrom’s plant in Stenay, France produces one-side coated specialty papers for specific uses in the packaging sector across various industries. The plant incorporates its own R&D facility with the ability to develop new recipes and manufacturing methods. With an annual capacity of approximately 55,000 tons of specialty paper and 120 employees the plant is equipped to provide customer-centric solutions with a wide range of use cases and applications.
« We are looking forward to starting the development of the plant jointly with the employees and the local management to establish Stenay as a strong player in the highly competitive paper-based packaging market, says Martin Scheiblegger, CEO of Accursia Capital in another press release. With CENPA, Accursia already has a proven track record in an adjacent segment of the industry. We are confident that with Accursia’s support the plant will achieve a turnaround in a similar fashion as CENPA did over the last two years. We would like to thank Ahlstrom for its partnership in the transaction.” This is Accursia´s fourth acquisition in 2023.
For its part, the CGT-FO trade union confederation stated that « Accursia Capital has already made firm commitments regarding future employment and investment. (…) [The trade union confederation] maintains the same level of demands for the 130 employees at the plant and is entering a second phase of negotiations for the installation of this new entity at Stenay. ». Accursia already has companies specialising in packaging paper and cardboard, notably in Alsace with Cenpa, which produces grey, brown and white cardboard, mainly for the manufacture of tubes and cores.
« This takeover would not have been possible without the efforts of the members of the CSE (i.e. Social and Economic Committee), the committed employees and the local players, comments Alain Magisson, secretary of the Ahlstrom Stenay works council and CGT staff representative. We would like to thank all the employees for their professionalism during this difficult period. For three months, the site’s 130 employees have continued to produce and to demonstrate the need for quality industry in our department (…). » Finally, the inter-union group underlined « the constant work of the Ministry of Industry, the Prefect of Meuse, members of Parliament and local elected representatives in this three-month battle to preserve jobs and paper-making expertise in Meuse.»
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>>> Accursia Capital is a Munich-based private equity holding that invests in medium-sized industrial companies. The investment focuses on companies with significant operational value creation potentials. Typical investments are companies with unresolved succession issues, restructuring and turnaround cases, and complex carve-out projects. Accursia Capital pursues a long-term investment approach and intends to develop its investments sustainably.
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