Arjowiggins, part of the Sequana group, is gradually divesting or closing down all of its subsidiaries. Most recently, the company has sold synthetic paper producer Arjobex, one of its last remaining subsidiaries.
The subsidiary was taken over by French asset management firm Prudentia Capital.
Arjobex produces the Polyart synthetic papers, which are used for tags and labels for food, industrial or security applications. The company operates three mills, one each in Rives, France, in Clacton-on-Sea, UK, and in Charlotte, USA. These locations generate total sales of around €35m and employ 160 people.
Arjowiggins still owns Arjowiggins Creative Papers, but according to Euwid is in the midst of sale negotiations with a team of senior employees on a management buyout.
Sequana went into liquidation in May this year after being in receivership for some months.