Innovia Films says there are no plans for job losses at Wigton as a result of a Japanese takeover of its cellophane films business.

About 270 of the 900-strong workforce at Wigton are set to move to Futamura Chemical, with their pay and conditions protected under European TUPE regulations.

But a spokeswoman for Innovia said no jobs were at risk.

Futamura will pay Innovia’s private-equity owner, Arle Capital Partners, 75m euro (£60 million) for the cellophane business, which employs 470 people worldwide. The deal should be completed by the end of June.

It will allow Innovia to concentrate on polypropylene films including banknotes, where it is the world leader.

Its new £5 polymer banknote for the Bank of England is due to go into circulation in September followed by a £10 note next year.

Chief executive Mark Robertshaw said: “The sale of our cellophane business is an important strategic step for Innovia. Futamura is an excellent long-term owner for cellophane, with its core business focused on cellulose and plastic films.

“In line with our strategy, we will continue to focus on building our polymer films and banknote business where we see significant growth potential.”

The deal will see Innovia’s Wigton site split in two, with an agreement allowing the sharing of some services such as utilities.

Wigton county councillor Lord Liddle has given the deal a cautious welcome.

He said: “The Japanese tend to be very good, responsible owners of companies.

“There will have to be consultation about how the site operates with two separate companies there, and the trades unions will want to know what Futamura’s plans are for the business.”

He is concerned, however, that a vote to leave the EU in the referendum on June 23 could hinder any plans the new owner might have for investment.

He added: “A very high proportion of sales from the Wigton site go into Europe, that is why the Japanese want to buy it.”

Futamura Chemical is Japan’s leading manufacturer of food packaging plastic films, including polypropylene films, and is second in the world in terms of market share in cellulose films.

It had sales of 67.1bn Yen (£0.44bn) in 2014.

Innovia’s cellophane business will give Futamura manufacturing sites in Europe and the US, markets that it is keen to develop.

Company president Yasuo Nagae said: “The acquisition will enhance our product range and presence across the globe. It supports our ambition to serve our key customers through local manufacturing facilities offering the highest standards of delivery by experienced personnel.

“We look forward to welcoming Innovia’s cello employees into our family.”