Fibre-based materials supplier Ahlstrom has agreed to divest its Stenay plant in France to Munich-based investment fund, Accursia Capital.

Stenay plant specialises in producing one-side coated specialty papers for use in the packaging sector.

It has annual capacity of approximately 55,000t of specialty paper and employs 127 people.

The agreement comes after Accursia Capital announced binding offer on the plant in July this year.

In March this year, the company launched consultation process with employee representatives about potential divesture or closure of the plant.

Ahlstrom confirmed the divestment after receiving endorsement from the site’s employee representatives.

The transaction is expected to be completed by the end of next month.

Financial terms of the agreement have not been disclosed.

Ahlstrom food and consumer packaging division EVP Mark Ushpol said: "We are delighted to announce this positive outcome for the future of our Stenay plant, its employees and the community of Stenay. This would not have been possible without the role of our team on site and the collaboration of all stakeholders. A new chapter in the plant's history starts now with Accursia Capital.”

Following the acquisition, Accursia Capital aims to develop the Stenay plant to guarantee its long-term future and secure the jobs of its employees.

Accursia Capital managing director Martin Scheiblegger said: "This acquisition is part of a long-term investment strategy aimed at making Stenay a leading player in the highly competitive paper-based packaging market. We therefore look forward to developing the business of the Stenay site in collaboration with the employees."