Arjowiggins has said it will sell its loss-making carbonless paper division in a management buyout led by an as yet unnamed existing member of staff.

The paper manufacturer said it has received interest from a number of parties for the business, which recorded revenue of €200million ($269.7m) last year, around 10% of the group’s total sales.

A far-reaching transformation plan was launched for the carbonless business in November last year. In the UK, this included the closure of its 125-staffed Dartford mill in February this year, following the start of a consultation process last year. 

Arjowiggins said that the programme is now “well advanced and under control” and is expected to be completed by the summer. 

In an email addressed to customers and passed on to PrintWeek UK, Arjowiggins said: “We would like to inform you that our company, in agreement with Sequana, its shareholder, has made the decision to sell its carbonless paper division. Concurrently, interest was shown by different parties and, as a matter of fact, we have announced on March 11 that a buyout project is being discussed with an Arjowiggins senior manager, a Belgian national.”

Last year, Arjowiggins was proposing to acquire M-real’s carbonless paper mill, Zanders Reflex, but the deal was cancelled.