French investment firm Wendel has acquired the US-based plastics packaging company, CSP Technologies, for $360m.
The Wendel Group has invested $198m for a 98% ownership in CSP, which is based in Auburn, Alabama.
CSP, which has manufacturing facilities in Niederbronn, France, produces specialty plastic packaging solutions for the healthcare, food and beverage markets, including vials for the diabetes test strip market.
The company is estimated to generate more than $100m in revenue in 2014. It employs more than 400 people, with 300 based in the US.
CSP Technologies CEO John Belfance said: "Wendel's long-term investment philosophy and 300-year track record of building exceptional manufacturing companies make them the ideal partner for us.
"We welcome them as a strategic partner as we continue to execute our domestic and international business objectives."
Wendel executive board chairman Frederic Lemoine said: "CSP's management team has delivered consistent growth over a long period of time, led by a strong focus on quality and innovation. We look forward to further supporting John Belfance and his team as they continue to expand into new markets.
"After the recent acquisition of Constantia Flexibles in Europe and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013-2017 objective of investing €2 billion globally."
