Under the terms of the agreement, which was signed on 8 November, all 51 staff at the Moreton-in-Marsh, Gloucestershire manufacturing site will remain with the business. Cotek general manager Paul Cattle will also stay and takes the role of managing director of the 58-year-old company.

“It’s business as usual really," Cattle told Printweek. "Laufenberg has really similar ideologies as we do at Cotek and we felt it was a good match. 

"We’ve spent the last 18 months talking to each other and have reached this agreement which is fantastic. I think that together we can develop synergies between the two businesses that will benefit both of us.”

With the purchase from owners Scott and Adam Hazell who are brothers, silicone paper manufacturer Laufenberg takes ownership of Cotek’s 1,100sqm facility, including offices and production space housing three coating lines, amongst a raft of specialist finishing kit.

“This agreement ensures that customers keep their existing contacts and reliable service while having access to a wider product portfolio,” said Scott Hazell.

“Laufenberg has an excellent reputation in the market and was my desired partner for the corporate succession. The open and trusting business negotiations held give me confidence for a successful future,” he added.

Founded in 1947 Laufenberg, similarly a family-owned business, employs 230 staff at its 38,000sqm site in Krefeld, North-Rhine Westfalia. The business is a key supplier of silicone coated paper in Europe, while other key markets include North America and Asia. It has a projected turnover of around €80m (£68.2m) this year.

”Great Britain has always been an important market to us,” said Laufenberg managing director Jörg Soding.

“The addition of Cotek with its modern machinery will increase our market position significantly and especially the possibility to coat inert UV-silicones opens up a new innovative product segment,” he added.