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LONDON (Alliance News) - Packaging and labels company Macfarlane Group PLC on Tuesday said it has acquired Colton Packaging Teesside to boost its UK protective packaging sector presence.
Colton, based in Thornaby near Middlesborough, is the north-east branch of Colton Packaging Ltd, a Leicester-based protective packaging distributor.
Macfarlane will pay GBP1.25 million for the Colton Teesside business, with GBP200,000 of this contingent on Colton meeting financial objectives in the year after completion.
"Colton Packaging Teesside is a high quality business with a good team of people who will complement the Macfarlane Packaging Distribution business based in Newcastle and strengthen Macfarlane's presence in the North East of England," said Macfarlane Chief Executive Peter Atkinson.
Macfarlane shares were down 2.0% to 65.68 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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