Sequana Divests Coated U.S. Operations
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Sequana, France, has finalized the divestment of its Coated U.S. operations to Virtus Holdings LLC, a company formed by members of the Appleton Coated (Combined Locks, Wis., USA) management team. Divestment of this business, which has been classified as discontinued operations since Dec. 31, 2013, will have no significant impact on the group’s operating results.
The Coated U.S. operations represent approximately EUR 250 million of net sales and employ more than 600 people.
With the divestment of Appleton Coated and once the industrial restructuring of its printing and writing businesses in Europe is completed as expected this year, Arjowiggins will have significantly reduced its exposure to standard coated paper, which would account for less then 5% of its sales in the near future, in accordance with its strategic plan announced last April.
Sequana is a paper industry player with two businesses:
- Antalis—European distributor of paper and packaging products, with some 6,000 employees based in 44 countries.
- Arjowiggins—producer of creative and technical papers, with more than 4,000 employees.
Sequana reported sales of EUR 3.3 billion in 2013 and employed some 10,000 people worldwide.
