germany's klöckner agrees to buy linpac to boost food packaging - flexible film
German manufacturer of packaging materials Kleckner Pentaplast Group has agreed to buy the United StatesK.
Linpac senior Holdings Limited
Expand its food container business on the largest scale
In a statement on Friday, the company said the deal would add about $0. 6 billion in annual sales of Kleckner Pentaplast to more than $2 billion.
Investment companies focused on troubled companies Strategic Value Partners control the two companies
It is headquartered in Cortana Pentaplast and Linpac in Fisher, England.
"This is a highly complementary acquisition that will help KP expand our technical capabilities and business to the food industry and the rigid and flexible film market, "The chief of Kleckner Pentaplast said in a statement.
The acquisition could also help Strategic Value Partners realize plans to list in the United States. S.
Hedge funds and private equity investors made initial public offerings in December ).
By combining klockner Pentaplast with Linpac, the goal of owners and management is to benefit from the growing demand for healthy foods with extended shelf life.
Hewett will lead the merged company, which will have about 32 locations and about 6,300 employees in 16 countries.
Linpac CEO Daniel Dayan will lead the combined physical food division, which has gained more rigid and flexible film products through acquisitions.