Japanese firms Toppan Printing and Itochu have partnered with Thung Hua Sinn Printing Network (TPN Group) to enter into Thailand flexible packaging business.
Based in Bangpakong Chachoengsao of Thailand, the TPN Group runs an integrated packaging business in Thailand.
Toppan and Itochu have signed a capital and business alliance agreement with TPN Food Packaging, a flexible packaging company of TPN Group.
The deal has allowed the Japanese firms to purchase a 10.7% interest in TPN Food Packaging.
Japanese firms have established alliance with TPN to expand flexible packaging business in Thailand and the Indochinese Peninsula.
According to Topan, the value of the flexible packaging market in Thailand is expected to be around JPY120bn ($1.08bn).
The distribution and expansion of processed food exports is increasing in Thailand boosting demand for packaging with better functionality.
Established in 1953, the TPN Group produces folding cartons, labels, and flexible packaging solutions for customers in Thailand.
In June 2016, the company had created TPN Food Packaging for expanding flexible packaging business, specifically focusing on gravure printing.
Toppan Printing produces an original transparent barrier film called GL Barrier, which is claimed to hold a major share in the global market.
Toppan develops and manufactures packaging products such as folding cartons, flexible packaging, and plastic containers.
Itochu is involved in different fields, including textiles, machinery, metals and minerals, energy and chemicals and others.
