UK based packaging maker RPC Group has acquired packaging firm British Polythene Industries (BPI) for about £261m ($379m).
BPI is focused on manufacturing and supplying of about 275,000t of polythene films annually for markets including agriculture and horticulture, construction, industrial, healthcare and waste services, and retail food and non-food.
Employing around 2,000 people, the company operates 19 manufacturing facilities in the UK, Europe and North America. The firm is also engaged in recycling waste polythene film in Europe.
RPC CEO Pim Vervaat said: “The additional technologies that we can now offer customers confirm our position as one of the world’s leading plastics design and engineering companies with the widest range of products to meet the specific needs of a large number of end markets.”
With the acquisition, BPI will be operated as a separate, sixth, division within RPC.
The acquisition is part of RPC’s efforts to strengthen its operations in the European polythene films market.
RPC said that the deal will further broaden its range of polymer conversion technologies.
The BPI acquisition deal was signed by RPC in June 2016.
As part of the deal, each shareholder of BPI will receive 470 pence in cash and 0.60141 of a new RPC share for each BPI share held.
Vervaat earlier said: "With today's announcement, RPC is taking another important step in delivering its Vision 2020 strategy.
"BPI has a strong product portfolio with attractive market positions in its core markets in Europe."
