A global engineering and manufacturing firm has agreed a deal to buy Greater Manchester-based healthcare and industrial business Scapa Group in a deal worth over £400m.
The agreement was announced on Wednesday, and will see AMS Holdco 2, a subsidiary of US-based Schweitzer-Mauduit International Inc (SWM) complete the deal in the second quarter of this year. The offer at 210 p in cash per share has been recommended to Scapa shareholders, valuing the firm at £402.9m
Ashton-under-Lyne-based Scapa is listed on AIM and specialises in wound care, with sales operations around North America, Europe and Asia. Revenues for the financial year to March 2020 were £320.6m.
SWM is a leading global performance materials company, engineering films, nets and papers – serving markets from medical to tobacco to home decor.
Jeffrey Kramer, CEO of SWM, said: “We are very excited to announce our proposed acquisition of Scapa, which significantly enhances our position as a leading provider of performance materials for attractive specialty…