Plastics firm sells 51% in partial takeover deal
A Craigavon plastics company has been partly bought by a Thailand-based multinational for an undisclosed sum.
The 51% purchase of Beverage Plastics (Holdings) was revealed in a filing to the Bangkok Stock Exchange by Indorama Ventures yesterday.
The filing said Beacon Trading, an indirectly-owned subsidiary of the "integrated polyester chain producer", had acquired 51% of the Northern Ireland business.
There was no further detail but it's understood the parties had a strong trading relationship before the partial takeover by the Thai business.
Beverage Plastics refused to comment but it's understood the company, which employs around 120 people at Silverwood Business Park, is viewing the development positively.
It's understood the company has no immediate plans to switch or transfer jobs.
Beverage Plastics (Holdings) makes packaging for major brands in the soft drink and mineral water markets. The firm, set up in 2005, was formerly known as L and B.
Indorama Ventures makes the polymers used in plastics as well as polyester fibres and worsted yarn wool.
SDLP Upper Bann MLA Dolores Kelly said Craigavon employees should be given reassurances by the business that their jobs are secure.
"Any new stakeholder needs to do that pretty quickly for a number of reasons, not least of all in terms of staff morale and their job security.
"The unfortunate experience of Craigavon in the past is that textile industry jobs have been relocated elsewhere so let's hope that isn't the case."