Managing director at Discovery Foils and former Novelis plant manager Steven Westwood said: "We now have an independent UK-owned business here in Bridgnorth that does not have the overhead associated with the Novelis business.
"There’s a lot of structural overhead from European headquarters that won’t get passed onto the business anymore and savings made by moving out of the Novelis pension scheme. These are fairly significant overhead savings which are going to make this business a lot leaner.
"We are delighted that a viable, sustainable solution for the confectionery business at Bridgnorth has been found, and that more than 100 jobs have been safeguarded as a result," added Westwood.
The company, which produces multicoloured printed foil for confectionery, is seen as a strategic fit for the owners of Discovery Foils with clear links to the company's other print and packaging interests.
"I would like to pay tribute to the consultation team for their excellent work and to the employees themselves, who have consistently provided an outstanding level of service," Westwood added.
The closure of two other divisions on the Novelis Bridgnorth site at the end of April threatens 200 other jobs, according to Westwood.
