UK-based Kite Packaging has bought the business, its goodwill and certain assets of Golden Valley Pallet Wrap Specialists.
As part of the deal Kite Packaging will not assume any of the liabilities of Golden Valley.
The Golden Valley Pallet Wrap Specialists business will transfer to Kite’s Coventry site, from which Kite will operate a specialist stretchfilm unit.
The employees of Golden Valley, who are joining Kite, are expected to operate from Kite’s Coventry site by next week, at which time the Golden Valley facility at Stonehouse, Gloucestershire will be closed.
Kite Packaging’s customers are large users of stretchfilm, and the acquisition of the business of Golden Valley will give Kite improved technical expertise in this product, especially the new generation of nano films.