Rigid plastic packaging manufacturer Plastipak Packaging has won a bid to acquire La Seda de Barcelona Group’s APPE Packaging Division for €360m.
The investment will include a gross up of €65m that will be transferred with the business, but will be discounted from the bid making the actual investment €295m.
Plastipak was chosen as the successful bidder after a six-month long bidding competition. European PET container maker Petainer and US-based Anchorage investment fund were other bidders.
The US-based Plasticpak specializes in designing and manufacturing rigid plastic containers for the food, beverage and consumer products industries.
The transaction is subject to negotiations and is expected to be completed by the first quarter of 2015.
The company stated that it hopes to utilize APPE's talent and technology to provide its customers a complete portfolio of solutions to meet their demands.
Plastipak president and CEO William Young said: "We are continuing to improve our organizational capabilities to earn the confidence and loyalty of our customers in all the categories we serve. This includes investments in packaging that address changing consumer demands and lifestyles. We are excited and look forward to the future with the acquisition of the APPE Packaging Division."
Employing more than 4,000 employees, Plastipak operates about 27 facilities in the US, South America and Europe.
Speaking about the acquisition, Plastipak chief commercial officer (CCO) Frank Pollock said: "We have evaluated the organizational strengths of APPE's business and have completed a comprehensive analysis of APPE's sites, machinery, and intellectual property, and as a result, we are confident that this transaction will enable us to better serve our existing and future customers."
Based in Barcelona, APPE has nine plants in Europe, North Africa and Turkey.
