Wright Plastics sale saves 61 jobs, says KPMG

PLASTICS & RUBBER WEEKLY

Published: April 9, 2013 3:49 pm ET
Updated: April 9, 2013 3:52 pm ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding

LEICESTERSHIRE, ENGLAND– The future of injection molder Wright Plastics has been ensured after administrators at KPMG sold the business to Fenton Precision Engineering, saving 61 jobs.

According to Chris Pole and Richard Philpott from KPMG, Leicestershire-based Wright Plastics had been in financial trouble for some, a situation severely compounded by a bad debt in February. As a result the firm went into administration on 15 March this year.

Wellingborough-based Fenton Precision Engineering purchased the business and its assets for an undisclosed sum.

"By securing a sale for Wright Plastics we were able to ensure value for the business was not lost, that continuity of trading was achieved and importantly, that 61 jobs were saved," Pole explained.

Wright Plastics sale saves 61 jobs, says KPMG

LEICESTERSHIRE, ENGLAND– The future of injection molder Wright Plastics has been ensured after administrators at KPMG sold the business to Fenton Precision Engineering, saving 61 jobs.

According to Chris Pole and Richard Philpott from KPMG, Leicestershire-based Wright Plastics had been in financial trouble for some, a situation severely compounded by a bad debt in February. As a result the firm went into administration on 15 March this year.

Wellingborough-based Fenton Precision Engineering purchased the business and its assets for an undisclosed sum.

"By securing a sale for Wright Plastics we were able to ensure value for the business was not lost, that continuity of trading was achieved and importantly, that 61 jobs were saved," Pole explained.

Wright Plastics sale saves 61 jobs, says KPMG
LEICESTERSHIRE, ENGLAND– The future of injection molder Wright Plastics has been ensured after administrators at KPMG sold the business to Fenton Precision Engineering, saving 61 jobs.
According to Chris Pole and Richard Philpott from KPMG, Leicestershire-based Wright Plastics had been in financial trouble for some, a situation severely compounded by a bad debt in February. As a result the firm went into administration on 15 March this year.
Wellingborough-based Fenton Precision Engineering purchased the business and its assets for an undisclosed sum.
"By securing a sale for Wright Plastics we were able to ensure value for the business was not lost, that continuity of trading was achieved and importantly, that 61 jobs were saved," Pole explained.
-->


Comments

Wright Plastics sale saves 61 jobs, says KPMG

PLASTICS & RUBBER WEEKLY

Published: April 9, 2013 3:49 pm ET
Updated: April 9, 2013 3:52 pm ET

Post Your Comments


Back to story


More stories

Image

Delphi buying connector maker Antaya

September 22, 2014 2:25 pm ET

Delphi Automotive plc will buy Antaya Technologies Corp., a Rhode Island company that supplies wire harnesses and other technologies that connect...    More

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Hong Kong's TK eyes expansion, may buy Nypro Tool operation

September 19, 2014 2:49 pm ET

Hong Kong-based mold maker and plastics processor TK Group (Holdings) Ltd. said it's reached a tentative agreement to buy a tooling factory in...    More

Exo-s buys injection and blow molder in Mexico, expands footprint

September 19, 2014 2:15 pm ET

Custom molder Exo-s Inc. has bought an injection and blow molding operation in San Juan del Rio, Querétaro, Mexico.    More

Image

Bayer spinning off plastics business

September 18, 2014 8:49 am ET

Bayer AG will spin off its MaterialScience plastics group into a separate, publicly-traded company within the next 12 to 18 months.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events