Macfarlane Group has expanded its packaging distribution business in the UK through the purchase of Colton Packaging Teesside.
The buyout of the Thornaby-based firm, which focuses on products such as composite, shelf-ready and transit packaging, will see Macfarlane will pay up to £1.25m if key financial objectives are achieved in the 12-month period post-acquisition. The initial outlay will be £1.05m.
Colton Packaging Teesside, which generated sales of around £3m last year, is based near Middlesbrough and currently has eight employees.
Macfarlane chief executive Peter Atkinson, said: “Colton Packaging Teesside is a high quality business with a good team of people who will complement the Macfarlane Packaging Distribution business based in Newcastle and strengthen Macfarlane's presence in the north-east of England.”
Macfarlane recently invested £300,000 in a new ‘Innovation Lab' for customers at its Milton Keynes-based facility.