Italy’s Lucart Submits Offer for Spanish Tissue Producer CEL

Italy’s Lucart Group has made an offer for the Spanish tissue specialist CEL Technologies & Systems (CEL), a representative from the Euskal Langileen Alkartasuna trade union confirmed.

The bid plan will have to be evaluated by CEL’s insolvency administrator and then eventually approved by the insolvency court. The firm had previously been approached by several other potential buyers, including a Chilean group. Lucart Group has declined to comment on the issue.

CEL fell into financial troubles earlier this year. In August the company submitted a redundancy scheme which provided for the closure of three production sites and the elimination of more than 230 jobs.