3 May 2016
MACFARLANE GROUP ACQUIRES EDWARD MCNEIL
In line with its strategy to develop its Packaging Distribution business in the UK protective packaging market, Macfarlane Group PLC ("Macfarlane") has today confirmed the acquisition of the packaging business of Edward McNeil Limited.
Edward McNeil is based in Glasgow and has traded for well over 50 years. It currently has 12 employees and is an established regional distributor of protective packaging materials. In the year to 31 December 2015 the business generated sales of c£3.60m.
Macfarlane will pay up to £1.80m for the business from existing borrowing facilities, with the deferred consideration of £0.15m payable in the next twelve months, based on certain working capital targets.
Samuel Kingsley, Managing Director of Edward McNeil Limited, said "I am delighted that our packaging business has been acquired by Macfarlane. The acquisition will create opportunities to develop the business in the coming years."
Peter Atkinson, Chief Executive of Macfarlane commented:- "Edward NcNeil is a successful business with a high quality customer base who benefit from excellent customer service levels. The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane's presence in Scotland."
Further enquiries: |
Macfarlane Group |
Tel: 0141 333 9666 |
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Graeme Bissett Chairman |
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Peter Atkinson Chief Executive |
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John Love Finance Director |
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Spreng Thomson |
Tel: 0141 548 5191 |
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Callum Spreng |
Mob: 07803 970103 |
Notes to Editors:
· Macfarlane Group PLC is listed on the London Stock Exchange (LSE: MACF) in the Industrials Sector.
· The company has more than 60 years' experience in the UK packaging industry.
· Macfarlane Group has three businesses:
o Macfarlane Packaging is the leading UK distributor of a comprehensive range of protective packaging products.
o Labels designs and prints high quality self-adhesive and resealable labels, principally for FMCG companies.
o Packaging Design and Manufacture specialises in designing and producing protective packaging for high value, fragile products.
· Macfarlane Group is headquartered in Glasgow, Scotland, and employs over 780 people at 29 sites, principally in the UK and Ireland.
· The company has 20,000+ customers in the UK, Europe and the USA providing 600,000+ lines to a wide range of industry sectors including: consumer goods; food manufacturing; logistics; internet retail; mail order; electronics; defence and aerospace.
