Thu, 05 Apr 2012 | BUSINESS SALE
The packaging manufacturer API Group is to undertake a formal sale process later this year.
Based in Poynton, the company has come under pressure from two of its largest shareholders to find a buyer after announcing an expected increase of 14 per cent in annual sales. The shareholders suggested that the firm's true market potential could only now be realised through a sale.
In a pre-close trading statement, API remarked: "The board has given careful consideration to the proposal, taken financial advice and consulted with its major shareholders."
It added: "Barring unforeseen developments, the board has concluded that it would be in the interests of shareholders to explore a sale process during the third quarter of calendar 2012 when the benefits of that project are more visible and will update the market on the formal commencement of any such process."
API expects sales in the year to the end of April to be up at £114 million, while net debt is predicted to have fallen from the £8.5 million recorded in 2011. More good news could be on the horizon as shares in the company rose by 6.9 per cent following the announcement, giving the company a market capitalisation of £47.4 million. This leaves the value of the firm up by more than £20 million since the initial shareholder pressure was announced.
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