27th Jan 2016 09:03
LONDON (Alliance News) - British Polythene Industries PLC on Wednesday said it has struck a GBP9.4 million deal to sell its Chinese subsidiary.
British Polythene will sell its BPI China subsidiary to Amcor (China) Investment Co Ltd, a unit of Australian packaging company Amcor. The payment will comprise GBP6.4 million upfront, plus another GBP3.0 million over 12 months based on certain post-completion arrangements.
The company expects to make a gain of GBP4.0 million on the sale, to be booked in calendar 2016. The deal is expected to be finalised in the second quarter.
British Polythene shares were up 0.8% to 660.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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