Scapa seals deal to buy a US rival

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Scapa Group, which supplies adhesive bonding for electronics and medical equipment, yesterday splashed out up to $45m (£29m) to buy US rival Webtec Converting.

The Manchester-based firm said the acquisition would boost its medical expertise, particularly in such fast-growing areas as advanced woundcare and silicone-based dressings. Scapa shares rose 8.5 per cent to 51p on the news of the deal.

Scapa will pay $30m upfront to Webtec, whose chief executive Randy Holmes is the principal shareholder. A further payment of up to $15m is dependent on hitting profit targets.