Politicians from across the political spectrum have praised all those involved in securing the future of the mill.
The announcement was welcomed by several north-east politicians who praised the workforce and unions.
North-east Labour MSP Lewis Macdonald said with the right investment, the business will provide jobs in the city for “many years to come”.
He added: “This is fantastic news. I raised the possibility of a management buyout back in January and I am glad this bid has been successful.
“A management buyout has the advantage of ensuring that the mill will not be saddled with debt from less successful operations elsewhere, as has been the case previously.
“The workforce and unions should be congratulated on their efforts to secure the future of the mill.
“It is important that all those who want to keep their jobs at Stoneywood are able to do so, and also that the terms and conditions of the workforce are protected.
“With the right investment, Stoneywood paper mill will provide jobs in Aberdeen for many years to come. A management buyout realising that potential will be the right outcome for all.”
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Meanwhile, Aberdeen Donside MSP Mark McDonald said the announcement was “excellent news” for the workforce and the north-east economy.
“Credit is due to everyone who pulled together to work with management and get this deal over the line,” he said. “It is great that the mill has a positive future and I hope to meet with the management team to hear more about their plans for the business.”
And Colin Clark, Scottish Conservative MP for Gordon, said “huge credit” was due to all involved for keeping the plant open while a buyer was sought.
He added: “Hopefully the business can now move forward with confidence and remain in Aberdeen for many more years to come.”