Private equity firm acquires Klckner Pentaplast Group

London, UK-based private equity firm The Blackstone Group has signed a contract to acquire Montabaur, Germany-based plastic film producer Klckner Pentaplast GmbH & Co. for US$1.8 billion. The sale of the global company is still subject to regulatory approval, which is expected by June 2007.

“Klckner Pentaplast has a strong international market position and performance,” said The Blackstone Group managing director Lionel Assant in a statement. “Klckner Pentaplast is committed to providing its customers with the most innovative and comprehensive solutions to meet their films needs.”

Assant also noted that the firm would continue to support Klckner Pentaplast’s growth and investment strategy. Management will also remain in place despite the change in ownership.

Klckner Pentaplast is a leading provider of films for a range of applications, with 21 current production operations in 11 countries.

Klckner Pentaplast has a Canadian plant in Ville DAnjou, Que. A company spokesperson has indicated that there will not be any layoffs due to the acquisition.