Fibre-based materials supplier Ahlstrom has closed the sale of 100% of its paper mill plant in Stenay, France, to German investment fund Accursia Capital.

The Stenay plant specialises in producing speciality papers for the packaging sector across its various subsectors.

It develops new manufacturing methods at its own research and development facility.

The plant employs 127 people and has an annual capacity of approximately 55,000 tons (t) of speciality paper.

Following the completion of this acquisition, Accursia is operating the Stenay plant under a new brand name of 'Stenpa'.

Stenpa seeks to further develop the factory to ensure its presence in the paper-based packaging market in the long-term future while also securing jobs at the facility.

The financial terms of the transaction have not been disclosed to the public.

Accursia 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."

Global law business White & Case advised Ahlstrom on the sale.

Accursia initially made a binding offer on Ahlstrom´s Stenay plant earlier in July this year.

Ahlstrom confirmed the divestment follows the receipt of endorsement from the site’s employee representatives.

The official completion of the deal follows an agreement the two sides signed in August this year.

Ahlstrom supplies sustainable speciality materials to packaging end markets. It generated €3.3bn in net sales from continuing operations in 2022.