Printpack Inc is selling the UK operations of Printpack Enterprises Ltd to its local management team in conjunction with the Pension Trustees.
The MBO is considered an extremely positive proposal for all stakeholders and seeks to preserve all 330 jobs at both the UK locations in Bury, Lancashire, and Saffron Walden, Essex.
The UK management team consist of Mike Collins to be appointed managing director, sales and marketing director, Barry Bleasdale, and finance director, Amanda Shepherd, with the support of a new non-executive chairman, Robert Horvath.
A new, short run flexo press with an inline cold seal facility will be installed in the coming months as part of the first phase of the new investment strategy.
Mike Collins said, ‘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.
