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BPI books 3.5m profit on sale of Stockton siteJosh Brooks, 24 June 2010Be the first to comment on this article British Polythene Industries (BPI) has revealed a 3.5m gain on the sale of its Stockton films factory, which is due to cease production this month. The facility had been on its books at £2.35m but Greenock-based BPI sold it for £6m, a statement this week said. The gain will be included in its results for the six months to June 30. In November 2008 BPI announced the closure of the site, which produced heavy-duty sacks and industrial and agricultural films, as a result in part of a collapse in demand from the construction market. Since then the factory has been gradually scaling back production, which will finally end this month. In the statement this week, BPI said: There will be no taxation payable on the disposal. The proceeds will be used to reduce borrowings. More than 40% of the Stockton facility’s products went to the construction sector, which has suffered a massive downturn during the recession. Click here for the latest headlines from across the packaging industry Speak Your Mind |
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