Plastic packaging company RPC Group has acquired Maynard & Harris (M&H) for £103.5m.
M&H, which employs about 700 people, will now operate as an independent business within RPC's Barmlage division.
M&H supplies plastic packaging for personal care, healthcare, and selected food segments mainly in the UK, mainland Europe and the US.
The purchase, which has been entirely funded through RPC's existing debt facilities, is expected to enhance the company's earnings in the next financial year ending 31 March 2015.
The acquisition will enhance RPC's current position in European rigid plastic personal care packaging in the UK and will reap better turnovers for the company in the US operating from two manufacturing sites.
The deal will expand RPC's product ranges to include flexible tubes and personal care packaging line for short production runs and over-the-counter healthcare container designs.
It will also provide pre-tax purchasing synergies of at least £1m within the first full year of ownership with additional commercial and working capital synergies to be achieved later.
M&H chief executive officer David Duffield said, "Within RPC the Company will be best placed to enhance its product and service offering and take full advantage of the opportunities for growth that exist in Europe and North America. "
