Klöckner Pentaplast buying Linpac Group
Klöckner Pentaplast said the transaction “will create a global leader in the rigid and flexible film market,” with combined annual revenues exceeding US$2 billion.
In a deal involving two global plastics packaging manufacturers, Klöckner Pentaplast Group (KPG) has signed a binding agreement to acquire Linpac Group Ltd. for an undisclosed amount.
In a statement, KPG said the transaction “will create a global leader in the rigid and flexible film market,” with combined annual revenues exceeding US$2 billion.
“This is a highly complementary acquisition that will help KP expand our technological capabilities and presence into the food industry and the rigid and flexible film market, as well as further develop our offerings in end markets such as pharmaceuticals, food and beverage, and consumer and industrial products,” Wayne Hewett, CEO of KPG, said in the statement.
Together, KPG and Linpac will have 32 locations across 16 countries with about 6,300 employees. “KPG’s existing global footprint, with operations on six continents, will greatly accelerate Linpac’s geographic expansion ambitions, particularly in the Americas,” the statement said.
Linpac is based in Birmingham, England. KPG is headquartered in Germany.
The transaction is expected to close in the summer of 2017.