Macfarlane Grp. Regulatory News (MACF)

7 Jan 2008 12:39

Macfarlane Group PLC07 January 2008 Macfarlane Group PLC acquires Online Packaging Limited 7 January 2008 In line with the Group's strategy to develop its Packaging Distributionbusinesses, Macfarlane Group PLC ("Macfarlane") announces that it has todayconcluded an agreement to acquire Online Packaging Limited ("Online"), for acash consideration of approximately £5.1 million. £4.3 million of theconsideration will be paid immediately, with the deferred consideration of up to£0.8 million becoming payable in the first quarter of 2009, subject to certaintrading targets being met in the year to 31 December 2008. Online was established in 1994 and is based in Gloucester, with additional sitesin Wakefield and Hinckley. Online complements Macfarlane's existing PackagingDistribution activities in the UK, particularly in the South-West and inYorkshire. The current management team at Online will remain with the businesspost-completion. The business made an operating profit of £0.6 million on turnover of £7.5million in the year to 31 August 2007 (audited). Gross and net assets in theaudited accounts at 31 August 2007 totalled £3.8 million and £1.0 millionrespectively. Macfarlane's Chief Executive, Peter Atkinson commented: "Online is a successfulcompany and this acquisition further demonstrates our commitment to the strategyof developing our Packaging Distribution business. We are also delighted thatthe Online management team will remain with the business and look forward to theexperience and value they will bring to Macfarlane Group." Further information: Archie Hunter Chairman 0141 333 9666 Peter D. Atkinson Chief Executive 0141 333 9666 John Love Finance Director 0141 333 9666 This information is provided by RNS The company news service from the London Stock Exchange