Roughly 70 new jobs have been created in Virginal, Belgium, with the relaunch of Idempapers which had been closed and bankrupt. With the help of expertise and capital from Sweden and Norway as well as funding from Avida, the mill is up and running and operating under the new name Virginal Papers.
The Norwegian-Swedish investment group – led by Terje Haglund, the newly appointed CEO of Virginal Paper – recently acquired the Belgian paper mill Idempapers, with funding from the Belgian state fund Sogepa and Avida.
Haglund’s investor group makes the acquisition together with Sogepa, whose purpose is to invest locally in Belgian Wallonia. Avida’s contribution to the deal is that the company put in place a factoring solution to ensure liquidity for continued growth.
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