Packaging solutions provider Molins has agreed to divest its instrumentation and tobacco machinery (I&TM) division to Coesia subsidiary G.D S.p.A for around £30m.
The company intends to use the proceeds from the deal to invest in its existing Langen and Molins Technologies businesses and acquire complementary businesses.
Once the deal concludes, Molins name will be transferred to G.D, an Italian supplier of tobacco machinery.
The I&TM division is comprised of Cerulean, which is a quality control, testing and analytical instrumentation business.
Based in Milton Keynes of UK, Cerulean develops, assembles, sells and maintains process and quality instruments for the tobacco sector. It also provides services to the FMCG sector.
The division also includes Molins Tobacco Machinery that is engaged in the designing, manufacturing and servicing secondary tobacco processing machinery.
Around 354 people have been employed within I&TM, as of December 2016.
Based in Princes Risborough of UK, Molins Tobacco Machinery has sales and service operations in the US, Brazil and Singapore, as well as manufacturing facilities in the Czech Republic and Brazil.
Molins chief executive Tony Steels said: “The sale will provide Molins with the platform to accelerate the execution of its strategy to invest in growth packaging machinery sectors.
“Molins has a presence in large and attractive growth markets, an enviable portfolio of global multinational customers, an impressive range of innovative technologies and above all a very talented and engaged workforce.”
With locations in Canada and the Netherlands, Langen designs and produces cartoning machinery, case packers, end-of-line and robotic packaging solutions.
Based in Coventry of UK, Molins Technologies is a specialist engineering business, which develops novel technology and associated production and packaging machinery.