Vida Paper, part of Vida Group, declared itself bankrupt on 12 December and Bertil Stridh of Swedish insolvency practitioner Amber was appointed as administrator. He continued to trade the company and will do so until the new owners take over on 1 February.
The investors, Terje Haglund, Roar Paulsrud and Gunnar Hop will continue operations at the mill under the name of Lessebo Bruk. Haglund and Paulsrud are chairman and director of Norwegian book paper manufacturer Hellefoss, with over 20 years of experience in the pulp and paper industry.
Stridh said: "The pulp market prices decreased, causing problems for the previous owners. The new owners have access to the international pulp market and have better channels to sell pulp."
Vida Paper was Vida Group’s only paper company and will be dissolved over the coming year as the parent company focuses on its core market of sawmill production.
The buyout saves 230 jobs at the mill in the southern Swedish village of Lessebo, Småland. However, while the management structure will remain the same, Stridh said there could be some redundancies among the lower tier workers.
Stridh said: "I have reached my initial objectives in ensuring continued production at the mill and consequently securing jobs in this small community.
"It is a big advantage for the whole village, which depends on this mill. If it had been closed down, it would have affected the whole community because Lessebo is a very small municipality and a lot of families are dependant on the mill [for work]."
Lessebo mill also supplies heating to the local community and celebrated 350 years of trading in 2012.
