Plastipak signs agreement to buy Spanish packaging firm APPE
Rigid plastic packaging suppler Plastipak Packaging Inc. has signed a definitive purchase agreement to acquire the APPE packaging division of bankrupt Spanish PET provider La Seda de Barcelona Group.
The deal is expected to close in June or July of 2015.
Plymouth, Mich.-based Plastipak is paying 360 million euros and included a gross up of 65 million euros of accounts payable that will be transferred with the business, but will be discounted from the bid. The result is an actual consideration for the business of 295 million euros.
In November 2014, Plastipak was selected as the winning bidder for APPE in an insolvency auction process.
“We remain confident that this transaction will enable us to better serve our existing and future customers and ultimately to benefit consumers,” said Plastipak’s Chief Commercial Officer, Frank Pollock.
Plastipak designs and manufactures rigid plastic containers for the food, beverage, and consumer products industries. The company operates more than 33 sites in the U.S., South America and Europe, with a total of over 4,000 employees.