MacFarlane Group sells £ 6.4m label business

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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.

Highlights

  • “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.

Write to Ian Walker at ian.walker@wsj.com