Packaging films manufacturer Innovia has agreed to sell its Cellophane business to Futamura Chemicals for an undisclosed amount.
The addition will strengthen the Japanese company’s offering in the plastic and cellulose films market for the food packaging industry, with the deal expected to be completed by the end of June.
UK-based Innovia has decided to sell Cellophane as it continues to deepen its focus on its biaxially oriented polypropylene (BOPP) films business, as well as that of its manufacture of polymer-based banknotes. In the BOPP business, Innovia will continue its focus and investment on differentiated product development for its core and new markets, the company said.
Innovia chief executive Mark Robertshaw said: “The sale of our Cellophane business is an important strategic step for Innovia. Futamura is an excellent long-term owner for Cellophane, with its core business focussed on cellulose and plastic films. In line with our strategy, we will continue to focus on building our polymer films and banknote business where we see significant growth potential.”
Yasuo Nagae, president of Futamura Chemicals, added: “The acquisition of Innovia’s Cellophane business will enhance our product range and presence across the globe. It supports our ambition to serve our key customers through local manufacturing facilities, offering the highest standards of delivery by experienced personnel. We look forward to welcoming Innovia’s Cellophane employees into our family.”
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