By Liz White, UT staffPaisley, Scotland-A management buy-out of the business division of Kay-Metzeler Ltd at the Colinslee Works in Paisley has resulted in the creation of a new company, Kayfoam Ltd. Following the MBO, supported by Scottish Enterprise Renfrewshire, Kayfoam will continue converting polyurethane and polyethylene foams for a wide range of markets including upholstery, packaging, construction and defence. Some 56 permanent staff jobs have been secured, in a deal estimated at £1.2 million. The site will be leased from former owners British Vita plc, who will continue to be the main supplier to the business.Derek McIntyre, previously the site's general manager and now managing director of the new company, said, "We are all committed to the success of Kayfoam Ltd."McIntyre's statement added, "It has taken a year to negotiate a satisfactory deal and raise the finance and this would not have been possible without the valued assistance of Scottish Enterprise Renfrewshire and the Economic Development department of Renfrewshire Council."
