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.