Graham Packaging to acquire Italian blow molding machine maker Techne

Graham Packaging Company Inc has announced that its subsidiary, Graham Packaging Company Italia Srl, plans to buy the assets of blow molding machine manufacturer Techne – Technipack Engineering Italia Srl for 8.8 million euros (Cdn$12.25 million).

Techne is currently under liquidation proceedings with the Court of Bologna, Italy, and the acquisition is subject to approval by Techne’s creditors, and ratification by the Court of Bologna.

“Techne’s assets significantly expand our proprietary machine technology and allow us to continue to drive innovation and cost effectiveness with our customers,” said Mark Burgess, CEO of York, Pa.-based Graham Packaging. “Their installed base of over 1,000 machines gives us additional opportunities to expand our activity in international markets and other market adjacencies.”

Graham intends to acquire intellectual property, inventory, fixed assets, customer relationships, and trade agreements, and intends to continue to operate Techne’s manufacturing site in Bologna.