Japanese Takeover Of Innovia Films Prompts Job Security
Innovia Films has confirmed that there will be no jobs lost at their Wigton firm as a result of a major Japanese takeover. Under the European TUPE regulations, the pay and condition of the workers will be protected as the cellophane business is taken over. Over 200 members of a 900-person workforce are said to be transferring to Futamura Chemical.
Innovia currently is a world leader in the production of banknotes, and the move is intended to facilitate concentration on this area. Plans for the future already include a £5 polymer banknote due to be in national circulation by September for the Bank of England. A successful launch will then be followed by a £10 banknote the following year.
The cellophane film business, however, currently employing in excess of 460 people, is projected to be handed over to Futamura executives by the end of June this year.
Mark Robertshaw is a Chief Executive of Innovia, and he recently commented, “It is an essential step in Innovia’s overall business strategy to sell the cellophane aspect of the business and continue to emphasise the growth of our banknote business. There is significant potential there, and Futamura was an ideal choice for the takeover of cellophane. Their extensive experience and focus on both plastic films and cellulose make them a clear choice.”
Presence in Europe and Worldwide
The good performance of the Wigton site in securing sales in Europe is said to have been a key interest for Futamura. The takeover of Innovia’s cellophane business provides Futamura with a foothold in the two competitive markets that the company most wants to develop. Futamura will have secured manufacturing sites in both the US and Europe, no doubt adding to an already successful profit margin that saw £0.44 billion (67.1 billion yen) of sales in 2014.
Jobs are reported to be safe because of Futamura Chemical’s strong track record in increasing sales and providing opportunities. The company is the leading manufacturer of food packaging in Japan, including plastic films and polypropylene. In terms of its cellulose films market share, it boasts the accolade of being second globally.
Yasuo Nagae is the president of Futamura Chemical and expressed his delight at the takeover. “We are very much looking forward to welcoming Innovia’s employees in supporting our goal to bring excellent products to our customers. We aim for the highest standards across the board and are working hard to increase our range of products and global presence.”
The upcoming referendum on Britain’s presence in the European Union has cast some doubt on the future and security of major companies. Innovia’s employees are not expected to lose their jobs, but it is a pressing concern for others. Plastics recruitment is not the only sector that has been affected. Executive search recruitment officials and agencies have been seeking out qualified individuals who are considering a change in company or career. Executive search specialists are receiving a record number of enquiries too. If you’re considering a career move, contacting experienced executive search professionals can be the start of a career that makes the most of you and your strengths.