“Before the recovery, the hangar was full”says Olivier Thuilliez, an employee of the company, pointing to the vast space of several dozen square meters, full of paper pulp, allowing the production of technical coated papers, resistant to humidity, greasy liquids, or even flames. Now, it is empty.
Placed in receivership on July 5, the Stenay paper mill, which employs 124 people in the north of the Meuse, is subject to the decisions of the Bar-le-Duc commercial court. “There is a hearing on September 6. If the accounts are a disaster, they can liquidate the factory.”laments Alain Magisson, secretary of the social and economic committee (CSE) and CGT delegate within the company.
Mr. Magisson looks all the more disillusioned as history seems to be repeating itself: a year ago, the factory escaped closure. Owner of the paper mill since 1997, the Finnish group Ahlstrom had announced its plan to close it in March 2023, unless a new buyer could be found. After seven months of negotiations, the German investment fund Accursia Capital became the owner and saved the factory, renamed Stenpa. [contraction de Stenay et de « papers »].
“They sold a dream”
On October 2, 2023, Accursia published a press release, projecting “several targeted investments to support the development of Stenpa”. Alain Magisson laughs bitterly: “They sold dreams to everyone. They never put in the money.” In a letter addressed to the CSE of Stenpa, on August 6, Accursia acknowledges not having followed its initial business plan, but it disclaims any responsibility in the takeover of the factory, citing “Ahlstrom’s lies and shortcomings”Who “knew full well that the business plan was unworkable”The accused group denies these accusations: “Ahlstrom has continued to work closely and transparently with Stenpa.”
Appointed by Accursia, a new director, Matej Kurent, arrives at Stenay in October 2023, and discovers “a completely empty order book”. Alerted to the closure project, the factory’s customers would, according to him, “overstocked” on Ahlstrom’s advice. Without orders after these advance purchases, the paper mill is running at a slow pace and exhausting its cash flow. Stenpa still manages to find new customers. But it is no longer enough. “It’s paradoxical: now that we have new customers, we don’t have the means to buy raw materials to produce more”notes Alain Magisson. Now, employees are looking towards a potential buyer who would save their jobs, as Accursia had already done a year ago.
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