The acquisition of Atlas Converting Equipment by Valmet Corporation of Finland for £86.2m cash should secure the jobs of the 430-strong workforce of the Bedfordshire-based firm.
`Everyone including the board will continue in the business,’ an Atlas spokesman said. The company has five UK plants making slitting and rewinding machines, vacuum metallisers, and sheeting equipment. It has just made a 10m-wide slitter-winder, the world’s largest.
Atlas was started 21 years ago in the stables at the home of founder-chairman Chris Rogers who has 17% of the business – a stake valued at £14.6m under the 815p-a-share terms of the deal.
His co-founders, John Southall, Mike Gavin and Peter Salter, between them own 9% of the company.
Valmet is a global leader in paper machines, process automation and services for the pulp and paper industry.