Constantia Flexibles has signed an agreement to acquire packaging producer Propak located in Dücze, Turkey.
With about 360 employees, ProPak offers packaging for the snacks market in Europe. The acquisition elevates Constantia Flexibles to one of the main players in the European snacks market, according to investment firm, Wendel which has a controlling share in Constantia.
This acquisition enables strong synergy potential and is a sizable step in Constantia Flexibles’ film packaging presence in a growing market segment. Propak has delivered a very strong historical financial performance. It is highly complementary to Constantia Flexibles’ existing site in Turkey, Constantia ASAS, adding flexo printing capabilities and access to an adjacent market segment. It significantly reinforces Constantia Flexibles position with the key customers in this market and furthermore, increases future potential for business growth.
Constantia Flexibles Rivergate ©Constantia Flexibles
Pim Vervaat, CEO of Constantia Flexibles, states: “The acquisition of Propak fits perfectly in our Vision 2025 growth strategy and brings Constantia Flexibles a good platform in the growing European snacks market. It will also give us the opportunity to accelerate our more sustainable EcoLam Mono-PE innovation for the salty snacks market. I am looking forward to working with the management team at Propak in helping to bring the company to the next level.”
The transaction is expected to be completed in Q2 2021, pending regulatory approvals.
This is one of the largest acquisitions made by Constantia Flexibles since Wendel became the reference shareholder of the company in March 2015. This transaction will contribute positively to the company’s long-term value creation. Wendel is the controlling shareholder of Constantia Flexibles with 60.8% of its share capital.
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