BURTON’S Biscuits in Cwmbran is soon to be under new ownership – as part of “ambitious plans for growth” across the company.

Burton’s Biscuit Company has announced an agreement has been reached between its majority owners Canadian Imperial Bank of Commerce (CIBC) and Ontario Teachers’ Pension Plan (OTTP) for the sale of the business.

Producers of Jammie Dodgers and Wagon Wheels, the company has manufacturing sites in Edinburgh, Blackpool, and Llantarnam.

There are approximately 700 employees at the Llantarnam factory , which opened in 1937.

It welcomed a £4.6m investment in new technology earlier this year.

The sale of the company is estimated to be around £350m, and expected to be completed this month.

Burton’s, which also has a chocolate refinery in Moreton and manufactures Cadbury biscuits under licence, will continue to be led by its existing management team under CEO Ben Clarke.

He said: "With their combination of extraordinary financial firepower, true partnership approach and global expertise, it is clear to me that OTPP are the ideal partner for us. We are very excited about working with them as we pursue our ambitious plans for growth both in the UK and internationally."