LEADING Biddulph firm Selectus is due to sell off part of its business in order to concentrate on its ribbons operations.
Selectus managing director Dieter Senn said this week that the proposed sale to Velcro Industries would secure the long-term future of the company and its workforce.
He said negotiations were taking place with Velcro Industries for the sale of Selectus' hook and loop fasteners business and related trademarks.
"Under the terms of the proposed deal the existing 240-strong workforce will continue to manage the assets and manufacture the product at its Biddulph site," he said.
"Selectus will now concentrate its resources on its Panda ribbons and other narrow fabrics businesses, and also plans to further develop its ties with its continental associates."
It had become increasingly difficult for Selectus to develop and protect the Velcro trademark in a 'geographically restricted' marketplace, he added, which had had a negative effect on the firm's business.
"Greater resource will now be available to continue to develop Selectus, and our focus on our Panda ribbons business will also now be further increased to make it indisputably the UK's market leader in decorated ribbons and functional narrow fabrics," he said.
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