API Group to decide on sale soon
THE board of Stockport-based packaging company API Group has said it expects to undertake a sale process “in the current quarter”.
The company had been placed under pressure by its largest shareholders to put itself up for sale, and although the company has appointed Manchester-based investment bank Altium to handle the process, it has indicated that it would only begin this once the early benefits of a new £15m-£20m a year contract from a major customer would begin to filter through to its trading figures.
Company chairman Richard Wright said the business had “traded strongly” during the three months to June 30.
“Performance at API Laminates has been especially positive, despite a delay in the shipments for the new supply contract, which is still progressing through customer qualification.
He said that new lamination line installed at its Poynton HQ was operating effectively, though, and that it expected the contract to begin being delivered early in the second half of its financial year.
