Discovery Foils Ltd, the Bridgnorth-based supplier of foil printed packaging, which became insolvent last month, has been sold by KPMG administrators to Moneta Packaging Limited, a Slovakian business in the same sector.
Discovery Foils supplies to the confectionery, dairy and foil food containers industries. This attracted Moneta Packaging, which was looking to acquire a UK operation of this type, and which plans to restart trading at the Shropshire site.
The deal preserves 14 jobs at the business and offers the prospect of re-employment of some of the 69 staff who were made redundant after the company entered administration on 12 July 2013.
Will Wright, Joint Administrator and partner at KPMG Restructuring, said: "We are delighted to have secured a sale of the business and assets which sees a continuation of the business and is expected to result in the re-employment of a number of former staff, an outcome far better than would otherwise have been the case. We wish the new team the best of luck for future."
Moneta is well known in the industry and is a recent recipient of a prestigious Dupont Innovation Award for its unique portfolio of film-based packaging.
"We are very excited to be able to combine our technology know-how and innovations with Discovery Foils' great team of experts and its respectable client footprint. This acquisition expands our reach into new market applications for the pharmaceutical and dairy sectors that require lacquered heavy gauge aluminium packaging. A new subsidiary in the UK market will allow us to bring our packaging solutions to more customers, improving their packaging quality and cost efficiency," said Alena Spinerova, CFO of Moneta group.
The acquisition is effective immediately and financial terms of the transaction are not being disclosed.
Moneta was advised by a team from Allen & Overy LLP led by William Samengo-Turner.
Alison Anderson, KPMG Corporate Communications
T: 0113 254 2980 E: email@example.com
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.