Dubai-based biaxially oriented polypropylene film (BOPP) producer Taghleef Industries (Ti) has closed the previously announced deal to acquire Applied Extrusion Technologies (AET Films), a North American supplier of oriented polypropylene (OPP) films.
Ti chairman Rashid Al Ghurair commenting on the acquisition said, "The purchase of AET Films allows Ti to expand its global footprint, secure a strategic position within the North American market and connect with multinational brand owners."
The partnership is expected to allow both Ti and AET Films to expand internationally and strengthen AET's position in the Americas.
According to Ti, the acquisition will expand the group's presence in the Americas, while increasing its global BOPP film production capacity to about 360,000t, annually.
Ti has operations in UAE, Oman, Egypt, Australia, Italy and Hungary and distribution centers in US, China and Germany.
AET's films are primarily used in flexible packaging for food, product labeling, and non-food applications.
