The business will be headquartered in Luxembourg and will comprise Britton Group, Paragon Print & Packaging, Paccor, Kobusch and Exopack, creating a plastics business with both rigids and flexibles operations in 70 countries and turnover of around $2.5bn.
It will be split into two main operating segments, a rigids division and a flexibles division.
A statement to the US Securities and Exchange Commission yesterday said that the merger would allow the consolidated group to make annual cost savings of some $65m across back-office, procurement and manufacturing.
The statement said the consolidation would create other benefits including greater product and technology breadth that would allow the group to increase its market share; a global platform that would help grow share with the major multinational FMCG groups; and the ability to drive best practice across its manufacturing network.
Jack Knott, who currently leads Exopack, will be chief executive of the consolidated group. Michael Cronin, a veteran of the Alcan business who most recently hit the headlines when he joined SCA in early 2010, will be chief executive of the flexibles division.
