India-based Jindal Poly Films (JPFL) has agreed to acquire Netherlands-based Apeldoorn Flexible Packaging Holding (AFP) for around €82.3m.
AFP, which is incorporated in 2014, manufactures load security films, bread and cheese packaging films in Europe. It is significantly owned by European private equity firm Bencis Capital Partners.
The acquisition will allow JPFL to enter into load security film segment, in addition to expanding its presence in the food, beverage and FMCG segments.
AFP produces Katan-Ex solution, which can be used across the most challenging stretch films applications.
The company produces wrapped cheese slices for high speed production, as well as bread packaging solutions suited for freezing and reduced wastage.
Subject to necessary regulatory approvals, the deal is expected to complete by the end of September this year.
Jindal Poly Films senior executive Rakesh Tayal said: “This acquisition will provide us access to load security films – a new product line, and will also strengthen our relationship with brand owners in the food, beverage and FMCG segments.
“We remain committed to expanding our differentiated product offerings in the packaging films business globally.”
JPFL, which provides flexible packaging film solutions to the customers, operates seven manufacturing facilities in India, Europe and the US.
It also has the world’s largest single location BOPP and BOPET manufacturing facility.
In 2013, Jindal Poly Films acquired global biaxially-oriented polypropylene (BOPP) films business of the US-based ExxonMobil Chemical for about $235m.
