According to MMP, Plegacol generates annual sales of approximately €15m.
In a press statement, MMP said: "Upon official authorisation of this transaction operations of Plegacol and Gráficas Los Andes, Cali, the largest Colombian folding carton manufacturer, in which MM Packaging already holds a 20% shareholding and an option right to 100%, will be concentrated to form a new Colombian market leader in folding cartons."
According to the firm, this entity will generate sales of about €30m with around?400 employees and?convert approximately 16,000 tons of cartonboard per annum.
Chief executive Wilhelm Hoermanseder said: "For MM Packaging the acquisition of Plegacol constitutes already a third step into Latin America subsequent to the acquisition of the Chilean market leader Marinetti in 2010 and an interest in Gráficas Los Andes earlier this year.
"Our goal is to follow our customers into future markets and to create a Latin American network of highly efficient folding carton plants, which we will develop according to best practice of the MM Group.
Earlier on this year, MMP announced its decision to close its Bootle carton printing plant and sack its workforce. Union Unite announced plans to take legal action against the firm.
