Transilwrap Company, a manufacturer of specialty film products, has signed a letter of intent to acquire the specialty films business of US based Dow Chemical.
Dow's specialty films business provides film solutions used in medical, packaging and industrial markets.
For the packaging industry, the specialty films business offers Saranex barrier films, Procite films and Opticite films for applications including beverage closure liners, ostomy appliances, window envelope films, labels and protective fabrics.
Transilwrap will buy Dow's specialty films business' manufacturing plants in Hebron, Ohio, and Drusenheim, France. Financial terms of the deal were not disclosed.
Transilwrap CEO and president Andy Brewer said: "Dow's film technologies, market focus and geographic presence support accelerated growth and global expansion in Transilwrap's strategic market segments including healthcare and packaging."
"Dow's specialty films business is well regarded in the industry for strong technical expertise and globally recognized brands associated with quality, reliability and leadership and we look forward to working with their existing management team to drive new business opportunities forward."
Planned to be completed by the end of 2Q 2016, the acquisition is subject to consultation of the French Works Council and closing conditions, including regulatory filings and local employment law and governance obligations in Europe.
Dow's Specialty Films business global business director Spyro Petsalis said: "Transilwrap's complementary products, capabilities and extensive geographic foot print will allow us to offer customers additional solutions with an enhanced service platform, while renewed investment and focus will allow for continued innovation to fuel future growth."
In 2015, Transilwrap announced it has acquired active and protective packaging systems distributor Ellis Industrial Packaging.
Image: Dow Chemical headquarters in Midland, Michigan, US.
