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.
January 22, 2019 by Canadian Plastics
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.