The former bankruptcy and closed paperwork Idempapers in Virginal, Belgium, now re-launches the business with the help of expertise and capital from Sweden and Norway. Thanks to the joint venture, where Avida contribute with a part of the funding, 70 new jobs are now being created in the Belgian city. The mill is already up and running, now under the new name Virginal Papers.
The Norwegian-Swedish investment group led by Terje Haglund, new CEO of Virginal Paper, with many years of experience in the pulp and paper industry, recently acquired the Belgian paper mill Idempapers, with funding from the Belgian state fund Sogepa and Avida.
Terje Haglund’s investor group makes the acquisition together with Sogepa, whose purpose is to invest locally in Belgian Wallonia. Avida’s contribution to the deal is that the company put in place a factoring solution to ensure liquidity for continued growth.
The company makes a range of specialty papers for offset and digital printing. It was formed through a management buy-out at Arjowiggins Belgium in 2009. It is well-known for its Idem carbonless paper range and claims to be the market leader in this area, although the market for carbonless paper has declined substantially over the past decade.