The second phase of the buyout of a historic north-east paper mill has safeguarded the future of hundreds more jobs.
The management team of Arjowiggins Creative Papers – which completed a buyout of the company’s UK operations including Stoneywood Mill last week – has taken ownership of the firm’s remaining activities.
The move means 800 jobs have now been saved across the entirety of the business.
A new company, Arjowiggins Group Ltd, has been set up. It will be based in Scotland and led by current managing director Jonathan Mitchell.
Mr Mitchell said: “This is great news, not just for everyone at Arjowiggins but for the industry as a whole.
“The completion of the second phase of the management buyout draws to a close an unsettling period for the business and we’re delighted to now be able to start a new chapter in the brand’s history.
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“I’d like to extend my sincere thanks once again to our staff, customers, suppliers and the Scottish Government. Without their ongoing support, this deal would simply not have been possible.
“Arjowiggins Creative Papers has world-leading brands and products and a talented team.
“There will be no major strategic change for the business.
“The priority now is to continue the projects we have already committed to, strengthen our activities in a sustainable manner and identify future opportunities for the sector.”