Danish-based tray packaging supplier Færch Plast has agreed to acquire Sealed Air’s food trays business in Europe, further strengthening its position as a supplier of trays to the food and drinks industry.
Sealed Air is one of the world’s leading manufacturers of food, protective and speciality packaging materials, Færch Plast said, with manufacturing sites in the UK and Spain generating annual revenues of around €46.92m. The transaction, expected to be completed by 1 November, was agreed for an undisclosed sum.
The deal will allow Færch Plast to assume control of the Cryovac food packaging brand, which is active particularly within the fresh meat and skin pack sector. In combination with Faerch Plast’s position as a leading European producer of packaging trays for the food industry, it provides the Holstebro-based company with the opportunity to offer its customers a stronger and wider product portfolio and to service customers on an even larger geographical scale with the addition of the factory in Buñol, west of Valencia.
It is the second acquisition that Færch Plast has concluded in 2015 and has been finalised only six months after the purchase of UK-based Anson Packaging.
Færch Plast president and CEO Lars Gade Hansen said: “We are impressed by the extensive product portfolio at Sealed Air Poole and Buñol, and we believe the combination with Færch Plast to be an excellent opportunity for both parties, providing an even stronger foundation to deliver a broad, high quality product range to our customers. The reputation and image of Sealed Air’s European tray activities are impressive.
“In recent years Færch Plast has been delivering an organic growth above market level as a result of our strategy of continuous product and technology innovation. Being majority owned by the private equity fund Eqt VI has enabled us to take a more offensive approach and further develop Færch Plast by acquisitions. The two acquisitions are vital for further strengthening our position as a leader in the production of high performance packaging solutions. Anson Packaging and Sealed Air are strong performing companies with leading positions in their respective segments, namely cold food and snacks, and fresh meat. Together with our market leading position in ready meals, and the extended footprint in southern Europe, the consolidation has created a very strong portfolio covering our market across Europe.”
Jonathon Durnford, vice president of Sealed Air Food Care Europe, added: “Sealed Air is committed to working with Færch Plast to ensure that our customers have the best in class range of trays and lidding films. In the near future, we look forward to expanding our portfolio to include ovenable and retort film solutions. We will work closely with Færch Plast during the transition so that it can continue to maintain quality and supply standards, while Sealed Air continues to innovate for a broader market offering in future years.”
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