Glasgow-headquartered packaging business Macfarlane Group has acquired the business of Teeside-based Armagrip for an undisclosed sum as part of its expansion strategy.
Armagrip is a long established protective packaging business that focuses on customers primarily in the industrials sector across the north of England from its operating base in Chilton, Durham. The Teeside company generated sales revenue of £1.6 million in 2019.Macfarlane acquired the inventory and goodwill of the business whose eight employees will all transfer across.
Macfarlane chief executive Peter Atkinson said: “Armagrip is a successful, profitable business with a loyal customer base and an experienced team of people. I am confident that this acquisition will further strengthen Macfarlane’s business in the north of England.”
In its last trading update for the period from 30 June 2019 to 31 October 2019, Macfarlane announced increased turnover of four per cent with group profit before tax ahead of the corresponding period in 2018.
