BP To Sell Arjobex Stake To Arjo Wiggins Appleton

18-Sep-2001
BP today announced that it has agreed to sell its interest in Arjobex, the manufacturer of synthetic papers, to its partner in the joint venture, Arjo Wiggins Appleton plc. Arjobex is a joint venture between BP, 51 per cent, and Arjo Wiggins Appleton, 49 per cent. The companies expect to complete the deal in December. Financial details of the transaction are not being disclosed. Paul Dejonckheere, BP’s plastic fabrications business leader, said: “Our collaboration with Arjo Wiggins over the years has been excellent and helped develop Arjobex into a successful business in its own right, a tribute to the management and workforce.” Francois Wanecq, Chief Executive of Arjo Wiggins, added: “Arjobex has an excellent product range and considerable expansion potential. We believe that our full ownership of the company will ensure that it continues to develop further successfully in the future.” BP’s stake in Arjobex is part of the company’s plastic fabrications business which, as announced in January 2001, BP intends to divest. BP is being advised by Lehman Brothers with regard to this sale.

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