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Macfarlane acquires protective packager GWP for up to £15.1m
StockMarketWire.com
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Packaging company Macfarlane said it had acquired protective packager GWP for up to £15.1 million.
The sum included an earn-out of £5.1 million based on agreed profit growth targets over two years.
There also would be a further adjustment for net assets in excess of £1.6 million with the expected net assets on completion being £4.3 million, including £3.8 million of net cash.
'The acquisition is in line with Macfarlane's declared strategy of building its protective packaging business through a combination of organic and acquisitive growth,' the company said.
GWP supplied customers across the UK but mainly within the South West of England from its manufacturing facilities in Salisbury and Swindon.
'GWP is a profitable, growing, well invested company with an experienced management team that is fully committed to the business going forward,' chief executive Peter Atkinson said.
'The acquisition will be funded using bank debt and will be earnings enhancing.'
At 9:05am: (LON:MACF) Macfarlane Group PLC share price was 0p at 96p
Story provided by StockMarketWire.com
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