David Beeby, chief executive officer of Innovia Group, made an announcement on April 28: "We are delighted that we will be partnering again with Arle who have worked closely alongside us since 2009. They share our vision for the future and will continue to support new investment in both the Films and Security businesses moving forward.
"This transfer of ownership means that the Innovia Group has a strong future. It enables the company to sustain its growth plans across our technologies, brands and trademarks."
Arle acquired Innovia from the Candover 2001 Fund, for an enterprise value of €498m (AU$741.24M), with funds raised from a syndicate of new investors. This means that ownership remains with funds managed by the same international private equity company.
The Innovia Group's two divisions, Innovia Films and Innovia Security, operate in six manufacturing sites in Australia, Belgium, Mexico, the United Kingdom and the United States. A network of sales offices, agents and distributors spans the world.
Innovia Films is a major producer of biaxially oriented polypropylene (BOPP) and cellulose (NatureFlex and Cellophane) films with production sites in the UK, USA, Belgium and Australia.Innovia Security is the suppler of Guardian the world's most sophisticated banknote substrate which is currently issued by 23 countries worldwide.
Innovia Group recently announced £40m (AU$72.3m) worth of investment on its Wigton UK site, £20m (AU$36.2m) to be spent on a state-of-the-art gas turbine and a new 'bubble', which will increase its biaxially oriented polypropylene (BOPP) output by 10%. An additional £20m (AU$36.2m) investment was announced after the Bank of England confirmed its decision to adopt polymer bank notes. This will enable Innovia Group to build a new plant to produce the new £5 and £10 polymer banknote substrate.
