Constantia Flexibles buys majority stake in Russian packaging supplier TT-print
The deal is intended to boost Constantia's position in the Russian pharma packaging industry.
Constantia Flexibles, one of the world’s largest flexible packaging producers, is acquiring a majority stake in Russian packaging firm TT-print.
The terms of the deal have not been disclosed.
Founded in 1999, TT-print is headquartered in Moscow, and employs about 100 workers. The company supplies packaging for the pharma and food industries.
In a statement, Austria-based Constantia said that it has collaborated with TT-print on various projects over the past 10 years.
“With this acquisition we will be taking a leading position in the Russian pharma packaging industry,” Constantia CEO Alexander Baumgartner said in the statement. TT-print operates a production site in Voskresensk, and this will become Constantia’s second plant in Russia besides Constantia Kuban in Timashevsk.
The deal is expected to close in the first quarter of 2019.