US-based consumer products firm Jarden is inching towards sealing a $1.35bn deal for acquiring disposable plastic cups, plates and cutlery maker Waddington Group.
Jarden, which has outshone bidders in the last few days, reached an agreement with Olympus Partners, the private equity owner of Waddington, a report by Bloomberg said.
The acquisition is estimated to add $800m to Jarden's revenues next year.
Kentucky-based Waddington makes disposable tableware, high-end plastic cutlery and biodegradable plates. It designs high-end disposable solutions for catering, bakery, processor, deli and chain restaurants.
Waddington sells its products in the US, Canada and Europe.
The company's manufacturing units in the US are into injection molding, thermoforming, metallizing and decorating.
In Europe, it undertakes thermoforming of packaging and makes transit trays for bakery, food service and produce.
In May, Waddington's UK arm for extrusion and thermoforming Par-Pak Europe bought packaging company Deltaform and its subsidiary Chiltern Thermoforming. The duo manufactures rigid packaging for the food industry.
With Waddington's acquisition, Jarden is expected to expand the spectrum of its offerings that include household products, clothing and sports equipment.
The firm has brands, such as, Ball, Bee, Bernardin, Bicycle, Billy Boy, Crawford, Diamond, Yankee Candle, Marmot and K2 skis under its umbrella.
Jarden proposed to buy Waddington three months ago, before Olympus initiated an auction.
Olympus purchased Waddington three years ago from Seven Mile Capital Partners.
