Cumbria-based luxury paper packaging group James Cropper has revealed that it intends to increase the amount of recovered fibre it uses as part of a new business strategy.
The company will be split into four new divisions, which are:
James Cropper Creative Papers
The Group’s historic business supplying specialist paper markets with a world leading range of coloured and embossed papers, and unique sustainable fibre options including CupCycling.
· James Cropper Luxury Packaging
Incorporating James Cropper’s multi-award winning Colourform moulded pulp innovation and the packaging papers made for the world’s leading luxury brands.
· James Cropper Technical Fibres
Core technical fibre markets including aerospace, defence, construction and industrial.
· James Cropper Future Energy
Incorporating TFP Hydrogen, and including materials and products for fuel cells, carbon capture, batteries and wind.
However, in order to create a more resilient and higher margin business, it will close one of its four paper machines and make 10% of its workforce redundant.
Although it hasn’t put a figure on how much recovered fibre it will use, the new strategy for the company aims to decarbonise the group’s operations and introduce greater innovation in its products. As a result, Patrick Willink has been appointed as the chief innovation officer. He was most recently managing director of Colourform – its luxury packaging division.
The AIM-listed family run business launched the strategy on the back of improved second half trading up to April 2023. Subject to audit, the company expects to generate £130 million in revenue for FY23 and an adjusted profit before tax of not less than £2.2 million.
James Cropper chief executive Steve Adams said: “After a year in which the Company has faced unprecedented challenges, I am extremely grateful to the whole team for helping to exceed against our revised expectations. However, moving forward, we must continue to be mindful of future headwinds and drive margin improvement.
“We’re a purpose-driven business built on strong values and announcing potential job loses is not a decision taken lightly. We will work collaboratively with our employees, unions, and representatives throughout this process. Change is difficult yet it is essential to ensure the sustainability and growth of James Cropper.
“Our strategic realignment will drive margin improvements by bringing greater focus on our customers and allow us to take better advantage of our size and remain agile and dynamic in our markets. Combined with our wealth of manufacturing knowledge, sustainability alternatives and pioneering abilities we will strengthen our position across multiple sectors as the preferred global partner of choice.”