Denmark-based packaging group Faerch Plast has entered final negotiations with PSB Industries to acquire packaging producer CGL Pack.
CGL Pack produces a range of bespoke packaging solutions for clients in the food-service industry, as well as for producers of consumer goods and healthcare products.
The transaction will include CGL Pack’s manufacturing facilities in Annecy and Lorient, France, CGL’s headquarters in Annecy and the company’s commercial activities.
Faerch Plast estimates that the acquisition will be completed by the end of July 2018, and claims that CGL’s product portfolio will complement Faerch Plast’s range of trays for the global food industry and provide opportunities for growth in France and Central Europe.
Faerch Plast Group CEO, Lars Gade Hansen said: “We are impressed by the extensive product portfolio at CGL pack and their innovative design capabilities.
“Faerch Plast has a long history in the French market, and we believe the combination with CGL Pack would be an excellent opportunity for both parties, providing a much stronger foundation to deliver a broad, high-quality product range to our customers. The reputation and image of CGL pack’s activities are impressive.
“In recent years Faerch Plast has been delivering an organic growth above market level as a result of our strategy of continuous product and technology innovation.
“It has for a number of years been paramount for Faerch Plast to have a local footprint in the French market. With the two CGL Pack sites in France, this strategic parameter for growth would be achieved.
“CGL pack’s product portfolio is a unique blend of tailored customers solutions and “standard” solutions sold into French blue-chip clients. Together with Faerch’s leading position within the ready meals and the protein segment, the consolidation would create a very strong portfolio.”
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