After the Spanish factory Guarro Casas last October and recently the Grenoble research and development center fedrigoni continues to buy up the assets of the former French paper flagship by taking over the Chinese plant in arjowiggins group in receivership since September .
The Italian paper manufacturer has signed an industrial partnership agreement with the Quzhou-based speciality paper producer. As such, the group of 5000 employees has granted a loan to a pair of former Arjowiggins executives. In return, they will benefit from a purchase option allowing them to take over the company in the long term.
The Chinese manufacturer specializes in the production and distribution of translucent papers for various sectors, sold under the Gateway, Idem and Sylvicta . Established in 2003, the plant has 130 employees and a production capacity of approximately 7,000 tons/year.
Although part of the Arjowiggins group, which is in receivership, the site was not affected by this procedure.
"The agreement signed with the Chinese manufacturer represents a very important element of our growth strategy in the translucent paper market, a particularly dynamic sector with applications ranging from advertising to industrial design, from food packaging to luxury goods." says Fedrigoni.
The transaction will also strengthen the group's presence in Asia, where it already has a distribution network in China, Hong Kong, the Philippines, Indonesia and Bangladesh and 11 warehouses in various countries.
