Greenock polythene firm BPI completes sale of Chinese subsidiary
Greenock-based British Polythene Industries (BPI) has completed the sale of its Chinese subsidiary for just under £10m.
The polythene manufacturer said it had sold BPI China - formerly Xinhui Alida - to Amcor (China) Investment Co, a subsidiary of Australian-based packaging group Amcor.
The deal is estimated to be worth a total of about £9.7m
BPI said it had already received £6.4m for the sale.
The balance is due to be paid in instalments between next month and early 2017.
The proceeds will be used to reduce BPI's borrowings.
In a statement, the company also reported "strong" trading in the first quarter of the year.
It said the performance was ahead of management's expectations, having benefited in part from lower energy costs and "favourable currency translation effects".
BPI manufactures polythene film, bags and sacks for a variety of industries. It also recycles polythene waste from industrial, commercial, agricultural and domestic sources.