According to Alcan Packaging president and chief executive Christel Bories, the global packaging and aluminium group sold APF to focus on markets "where we already enjoy substantial scale and leadership positions".

UK Print Finishers, owned by US-based Berggruen Holdings, changed its name to Celloglas Holdings when the deal went through last Wednesday (31 August). Celloglas Holdings is headed up by chief executive Alex Watson, whose background is in the packaging industry.

In a letter to firm's 406 staff Watson said: "We believe passionately that celloglas can build on its successful history and become even more successful."

APF managing director Stuart Moffatt, who will stay with Alcan Packaging, will leave the new firm after a two- to three-month handover period.

The trade finishing group, which has 22 sites throughout the UK, specialises in laminating, varnishing and foil-blocking. Following its sale the individual trading names of the UK businesses will continue.
Headquartered in Reading, APF recorded turnover of 30m and a pre-tax profit of 454,000 in 2004.

Group sales and marketing manager Richard Pinkney, who stays with the firm, said that while the new owners haven't unveiled any plans for further acquisitions or new sites: "But long term, it [Celloglas Holdings] does want to see the business grow aggressively."

Celloglas firms
-Celloglas
-Mirri
-Universal Coatings
-Duraseal
-Uvco Zodiac
-Five Star
-Lustretex
-Qualicoat
-Foil Works
-London Supply Company

Story by Darryl Danielli