The directors of Macfarlane Group are to take 25 per cent pay cuts from April to September and the packaging and distribution specialist is to preserve cash by suspending its dividend. The company said yesterday that it had suffered a marked slowing of activity in the automotive and aerospace sectors, as well as parts of the retail industry, as a result of Covid-19. Macfarlane supplies packaging, labels and specialist protective coverings, with its customers ranging from Thermo Fisher and Peak Scientific, the specialist companies, to Selfridges and Dunelm, the retailers. Formed in 1949 and listed in London in 1973, it retains its headquarters in Glasgow and employs 925 people, with the majority of those in Britain, although it has operations in Ireland and Sweden.
Source: The Times March 30, 2020 23:26 UTC