THE Wellington-based beauty and cosmetics firm Swallowfield has announced the proposed sale of its manufacturing division for £35 million.

The offer comes from international company Knowlton Development Corporation (KDC/ONE) which employs 5,000 people globally.

Swallowfield has reached an agreement with the Quebec-based firm and it now has to get the approval of shareholders. Workers have been assured there will be no redundancies.

Brendan Hynes, chairman of Swallowfield, said: “We believe that by joining a larger, focused entity, our manufacturing business will move forward with a clearer vision for the future while protecting the value of the business. We’re excited the team will have access to world-class resources and a broader platform to continue to expand product lines and accelerate growth.”

Matt Gazzard, chief financial officer of Swallowfield, who will be appointed president of KDC/ONE Swallowfield Ltd, said: “We are excited to join the KDC/One team as we bring together the unmatched product and technology portfolios and world-class manufacturing capabilities of these two companies.”

For the full story see this week’s Wellington Weekly News.