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Belgian papermaker Idempapers is likely to shut down after attempts to find a buyer for the business failed.
The company makes a range of specialty papers for offset and digital printing. It was formed through a management buy-out at Arjowiggins Belgium in 2009.
It is well-known for its Idem carbonless paper range and claims to be the market leader in this area, although the market for carbonless paper has declined substantially over the past decade.   It also makes other specialist papers including label and poster papers.
The firm has two paper machines at its mill in Virginal and a logistics site in Nivelles. It employs more than 360 staff and produces around 125,000 tonnes of paper a year. Idempapers had been operating under court supervision – the Procedure of Reorganisation under Juridical Control – since Dec, while it attempted to restructure its operations and find a partner. However, the firm announced that negotiations with a potential investor had broken down.
In a statement, the company said: “Despite the exceptional efforts made by the whole company over the last few months, the last scenario under consideration to allow the revival of Idempapers has unfortunately not proven to be viable. The company, remaining structurally deficient due to its cost structure and the weight of its debt, will not be able to continue its activities alone.”
CEO Francis Tans said “everything possible” had been done to try to find a workable solution for the business. Workers, staff and management have done everything possible to give the judicial reorganisation procedure every chance of success.”