Bic completes sale of Sheaffer

On Monday, the French company specialized in stationery and disposable consumer products brought its foray into high-end pens to an end, with the completion of the sale - first announced at the end of August - of Sheaffer to American company A. T. Cross.

Bic has "sold its assets in the premium writing instrument company Sheaffer to A.T. Cross for about 15 million dollars (9.5 million pounds)," an amount in accordance with that announced in August.

A.T. Cross is already specialized in high-end pens.

"The transfer is effective for the majority of Sheaffer’s operations worldwide, but will be deferred until the first half of 2015 in certain countries so that A.T. Cross can establish its own local activities,” according to the company.

Founded over one hundred years ago, American company Sheaffer was acquired by Bic Group in 1997. In 2013, the company achieved a turnover of approximately 25 million dollars.

It was the only high-end brand owned by Bic, which, besides its famous ballpoint pens, sells lighters, disposable razors, and advertising and promotional products.