Formica Is Planning to Acquire The Well Pack Papers & Containers' HPL Operations

Formica is planning to acquire the Indian firm Well Pack Papers & Containers' HPL operations in the western Indian state of Gujarat. The deal will be conducted by its Indian subsidiary Formica Laminates (India). The parties put pen to paper in the middle of November. The purchase price was put at 365m rupees. The transaction, which includes land and machinery assets, is to take the form of an asset deal and close by the year's end. Well Pack Papers & Containers' HPL plant, which started operating in September 2009, has two multi-opening presses installed at a 26,000 m2 site. Formica stated that the complex has enough room for possible future expansion projects. Formica's management team in India is to take charge of the laminates plant once the deal closes.