Plastipak acquires APPE Packaging

PLASTIPAK Packaging, Inc., a global manufacturer of rigid plastic packaging to the food, beverage and consumer products markets, has signed the agreement to acquire APPE Packaging Division of La Seda de Barcelona Group.

At the insolvency auction in November 2014, the company won the bid at €360 million and a gross up of €65 million of accounts payable that will be transferred with the business but will be discounted from the bid. The actual consideration is €295 million.

Plastipak, a wholly-owned subsidiary of Plastipak Holdings, Inc. operates 33 sites in the United States, South America and Europe.

“We remain confident that this transaction will enable us to better serve our existing and future customers and ultimately to benefit consumers,” said Plastipak's chief commercial officer, Frank Pollock.  He said with the talent, technology and manufacturing footprint of Plastipak and APPE, they can provide complete packaging solutions.

Formerly known as Artenius PET Packaging Europe, APPE provides rigid plastics to the European market.

The company’s CEO Martin Hargreaves said, “I am delighted with the sale to Plastipak. Our recent ownership difficulties have held our business back from fully delivering and implementing creative packaging solutions for the market, so this is the most positive outcome for our business and its long-term future. Our combined strengths, expertise and resources will immediately bring financial support and multi-material capability, which will undoubtedly deliver tremendous value for our customers, providing an unrivalled portfolio of products and solutions to support their future requirement.”

Subject to regulations, the closing is expected in June or July.