Oberthur Fiduciaire has entered into exclusive negotiations with Arjowiggins Security to acquire their VHP banknote paper production plant in the Netherlands.
The VHP plant in Apeldoorn, Holland, manufactures banknote paper, such as that used for the euro currency, with an annual production capacity of around 6,500 tonnes. It employs around 130 staff.
Arjowiggins Security’s parent company, Sequana, has been involved in legal proceedings against British American Tobacco (BAT) Industries plc since the end of 2013 regarding dividend payments Sequana received in 2008 and 2009 from its former subsidiary Windward Prospects Limited, formerly known as Arjo Wiggins Appleton.
A High Court ruling on 10 February 2017 ordered Sequana to pay BAT $138.4 million with potential increases to match further sums required by BAT to a maximum of €135m plus interest.
Sequana is now seeking the protection of the Commercial Court under a preventative procedure that affects only the holding of Sequana. It has announced a plan to enable it to exit this procedure within a three month period that includes the disposal of Arjowiggins Security and its VHP banknote paper plant to Oberthur Fiduciaire for around 30 million euros.
Read the press release from Oberthur Fiduciaire.
Read the press release from Sequana.