Printpack Inc., a privately-held manufacturer of flexible and speciality rigid packaging, has announced it is selling the UK operations of Printpack Enterprises Ltd. to its local management team in conjunction with the pension trustees.
Printpack to Sell UK Operations in Management Buyout
May 13, 2014
The MBO is considered an extremely positive proposal for all stakeholders: customers, suppliers, associates, pensioners and shareholders, and seeks to preserve all 330 jobs at both the UK locations in Bury, Lancashire and Saffron Walden, Essex. The transaction will provide a unique opportunity for a profitable and sustainable UK business.
The UK management team, consisting of Mike Collins (to be appointed managing director), Sales & Marketing Director Barry Bleasdale and Finance Director Amanda Shepherd, are delighted to announce the support of a new (non-executive) Chairman Robert Horvath. Robert is an established, very experienced senior corporate executive whose additional strategic perspective will help guide new growth and prosperity in the business.
To further enhance the capabilities of the new business and to increase capacity, the MBO is pleased to announce the first phase of its investment strategy with the addition of a new, short run flexo press with an in line cold seal facility to be installed in the coming months.
Mike Collins says: “With an MBO we can ensure a continuation of ‘business as usual’ for our employees, customers and suppliers. This is a very exciting opportunity for us all and there is enormous potential for the new company given our investment plans. We are committed to working closely with our customers with an increased focus on Innovation and Supply Chain solutions to better serve their ever changing needs.”
Once the sale is complete the UK operations will continue to trade as Printpack for a period before introducing the new company name, Pulse Flexible Packaging Limited.