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Discovery Foils bought out of administration by Moneta Packaging

By Joe Whitworth , 22-Aug-2013

Discovery Foils has been sold to a Slovakian packaging business, saving 14 jobs after the firm became insolvent last month.

The deal offers the prospect of re-employment of some of the 69 staff who were made redundant after the company entered administration last month.

Moneta Packaging said it was looking to acquire a UK business in the same sectors as which it operates, confectionery, dairy and foil food containers industries.

The firm added that it will restart trading at the Shropshire site of Discovery Foils.

“This acquisition expands our reach into new market applications for the pharmaceutical and dairy sectors that require lacquered heavy gauge aluminium packaging,” said Alena Spinerova, chief financial officer of Moneta Group.

“A new subsidiary in the UK market will allow us to bring our packaging solutions to more customers, improving their packaging quality and cost efficiency."