Hammond Packaging and Mannanco Plastics, both based in Wakefield, will be either sold together or as separate companies, with the aim to minimise any job losses.

The company hopes to conclude any deal by May and already has six interested parties, according to group chairman Neil Charlesworth. He claimed that growth in the companys other main markets was the main reason for the sale.

Around 70% of our business comes from journals and over time the packaging sector has become completely different.

The opportunities are much greater in journals than packaging. In the latter the large runs are disappearing and more work is moving to Eastern Europe, he said.

The group hopes to that a local buyer will secure jobs at the divisions. Charlesworth Groups printing site in Huddersfield is also due to move to Wakefield in a bid to boost efficiency.

Charlesworth group chief executive Graham Lawley said: The group has been reviewing its future development. Hammond Packaging and Mannanco have a good customer base and dedicated staff so it has been a difficult decision to make.

By Philip Chadwick