Macfarlane Group PLC - Glasgow-based packaging firm - Acquires GWP Holdings Ltd, Wiltshire, England-based protective packaging manufacturing and distribution business, for GBP15.1 million in cash. Says it will also pay a further adjustment for net assets in excess of GBP1.6 million, with the expected net assets on completion being GBP4.3 million, including GBP3.8 million of net cash. Notes GWP has 107 employees including six directors, five of which will remain with the company following its acquisition.
"The acquisition will be funded using bank debt and will be earnings enhancing. We look forward to working with the team at GWP to support its continued growth and develop opportunities for us to work together to provide all our customers with a broader portfolio of value-add and sustainable protective packaging solutions," says Chief Executive Peter Atkinson.
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By Zoe Wickens; zoewickens@alliancenews.com
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Macfarlane Grp. (MACF)