The U.K. packaging company said it has received 95% of the money upon completion, which was Dec. 31, 2021, and the rest will be paid in three months’ time. The remaining amount is subject to adjustment following a net asset valuation of the business at completion.
MacFarlane Group PLC said Tuesday that it has sold Macfarlane Labels Ltd. and its subsidiaries for 6.4 million pounds ($8.6 million), and will invest the money in its protective packaging businesses.
“The sale will allow the group to focus resources on growing our protective packaging businesses both in the U.K. and Europe,” Chief Executive Peter Atkinson said.
The businesses being sold generated a pretax profit of GBP300,000 in 2020.
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