Wheatley Packaging, the Scunthorpe based flexographically printed flexible packaging business, has been sold to Frantschach AG, the Austrian based paper and packaging group.
Wheatley Packaging produces packaging primarily for the frozen food and hygiene sectors. The retailers for whom the company ultimately supplies packaging include Tesco, Asda, Marks & Spencer, Sainsbury's and Safeway.
The deal represents only the second change of ownership in 22 years and is the first change of ownership since a 3I-backed management buy-out/buy-in was completed in 1998.
Managing director of Wheatley Packaging Andrew Riley who, together with fellow directors Peter Last and Kevin Bushell is remaining with the business, said: "The directors are particularly pleased that this deal guar-antees continuity of manage-ment and secures the future of the business in Scunthorpe."
Wheatley Packaging's turn-over is over £16M. The firm has 140 staff employed at the Scunthorpe site.
