Macfarlane Grp. Share News (MACF)

(ShareCast News) - Macfarlane Group has acquired One Packaging for £2.75m in a bid to develop its packaging distribution businesses.The initial £2m will be paid in cash from its borrowing facilities and the remaining £0.75m will be paid in the third quarter of 2016 depending on trading targets being met during the first year of the agreement.One Packaging posted full-year operating profits of £0.4m and before non-recurring costs on turnover of £4.9m. The company is based in Bingham near Nottingham, and its expected the location will strengthen Macfarlane's activities in the East Midlands.Chief executive Peter Atkinson said: "One is a good quality, successful packaging distributor."This acquisition demonstrates our continuing commitment to the strategy of developing our leadership position in the UK market for the distribution of protective packaging."Shares in the company rose 1.93% to 44.34p on Wednesday at 0916 BST.