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Innovia is to sell its Wigton-based Cellophane business to Futamura Chemicals Coinvest of Japan.
Innovia Films, the Cumbria-based manufacturer of packaging films with 1,600 staff, has been acquired by Arle Capital for £410m.
Innovia is to invest £20m in the development of a new polymer bank notes factory at Wigton in Cumbria by 2016, with the creation of 80 jobs.
Innovia Films is to invest £20m in the expansion of polypropylene film capacity at its factory in Wigton, Cumbria, by 2015.