HUNDREDS of jobs in Portsmouth are secure after a city firm was acquired by a Swedish company.
Pharmaceutical packaging company Cope Allman Jaycare, set up in 1958 and based in Farlington, was bought by injection moulding giant Nolato Group for about £16.5m.
Around 270 people work at the firm’s Portsmouth headquarters and at a site in Newcastle.
More money will also be paid over to the firm’s previous owners – its management team – if the company’s performance remains good up to the first quarter of 2014.
The firm will become part of Nolato Medical’s subsidiary.
Cope Allman Jaycare, which has been renamed Nolato Jaycare, has been described by its new owners as a well-managed company which is a good fit for Nolato’s expanding business.
It makes a range of containers and devices for pharmaceutical, medical and other industries such as cosmetics.
Christer Wahlquist, president of Nolato Medical, said: ‘This acquisition gives us a local presence in the UK, which is an important part of the global pharmaceutical industry.
‘It also opens doors with a large number of leading international pharmaceutical companies which are existing customers of Cope Allman Jaycare.’
Nolato bought Contour Plastics of Wisconsin, the US, in 2010. It expanded its operation in Hungary in 2011, and also launched a manufacturing facility in Prahova district of southern Romania.
Nolato president and chief executive Hans Porat said: ‘Following the acquisition of the US company Contour Plastics, we have worked to add an acquisition in western Europe. Cope Allman Jaycare is a well-managed company, and is a good fit for our growth strategy.’
The management team at Cope Allman Jaycare will remain at the helm of the company.