Loomans will be integrated into IPL’s consumer packaging solutions business in Europe.
March 20, 2019 by Canadian Plastics
Quebec-based injection molder IPL Plastics Inc. will acquire Belgian plastic packaging supplier Loomans Group NV for a total consideration of $85.5 million.
The transaction is due to close by the end of March 2019.
Headquartered in the Belgian town of Lommel, Loomans will be integrated into IPL’s consumer packaging solutions business in Europe.
“Loomans has a well-established, blue chip customer base in continental Europe, and provides IPL with a strong platform for growth in this region,” IPL said in a statement. “Loomans is an impressive, single site tooling and plastics manufacturing business, with significant in-mold labeling expertise, operating for over 50 years.”
The deal will also help lessen the group’s dependence on the North American market, IPL said.
IPL, formerly One51, recently relocated its headquarters from Dublin, Ireland to Montreal. The company injection molds products for the food and bulk packaging, environment, and material handling sectors. It has about 1,900 employees and operations in the UK and China, as well as in Canada and the US. IPL’s Canadian facilities are located in Edmundston, N.B. and Saint-Damien-de-Buckland, Que.