THE man in charge of Innovia's new Canadian would-be owners says the company has "zero intentions" of cutting jobs in Cumbria.

CCL Industries announced this week that it has agreed to buy Wigton-based Innovia Group for 1.13bn Canadian dollars (£680m) from its private equity owner Smithfield Group.

This deal is subject to regulatory approval and should be completed by the end of 2017's first quarter.

CCL is the world's largest specialty label business.

Chief executive Geoffrey Martin has moved quickly to reassure the Wigton workforce.

Asked if jobs might be at risk, he said: "We have zero intentions around that, in fact it might be the reverse.

"It [Wigton] is the largest R&D facility we have in the world. We have nothing but good things to say about the people there."

Innovia employs 1,200 people worldwide including more than 600 at Wigton, where it manufactures polypropylene film for use in labelling and packaging, and the Guardian polymer bank note material recently adopted by the Bank of England.

Innovia's cellophane films business was sold to Futamura earlier this year when 270 staff at Wigton transferred to the Japanese company.

CCL, which is listed on the Toronto Stock Exchange, employs more than 20,000 people and operates 156 production facilities in 35 countries.

Mr Martin said: "We are basically a labels company at our core and they have been suppliers to the labels industry of polypropylene for a long time. I have been in the labels industry all my life and I first went to visit Innovia 20 years ago.

"We have looked them on and off over the years before the company went into private equity ownership [in 2004]. We have looked into buying them on one occasion in the past."

"We have always had a great admiration for Innovia, they are one of the best in this industry in the world," he added.

Since June's Brexit vote the pound has fallen making British companies cheaper for foreign firms to buy.

Mr Martin said: "I think a business like this is not right, long term, in private equity."

He added that he did not "see any big changes" in Wigton.

Lord Roger Liddle, county councillor for Wigton, hopes the takeover will help the business.

He said: "It needs long-term stability of ownership. Let's hope the Canadians will bring that and long-term investment."