Packaging firm Paccor has agreed to acquire Miko Pac, the packaging division of Belgium-based Miko.
Miko Pac develops and produces plastic packaging solutions for products such as ready meals, ice cream and margarine.
The plastic packaging business has production sites in Belgium, Poland and Indonesia, and sales offices in Germany and France.
Germany-based Paccor says that the acquisition will strengthen its position in injection moulding, while Miko Pac’s plant in Indonesia will also help extend its international reach.
In addition to injection moulding, Miko Pac is said to be a specialist in thermoforming and in-mould labelling.
The business will be integrated into Paccor and its operational management will remain in the hands of its managing directors, Kristof Michielsen and Karl Hermans.
“Following the purchase of the EDV Packaging Solutions, in 2019, our acquisition of Miko Pac is the logical next step in implementing our long-term business strategy and an excellent fit for our defined M&A strategy,” said Andreas Schütte, CEO of Paccor.
“This acquisition aligns Paccor even more strongly for growth within this highly promising area of business,” Schütte added.
Frans Van Tilborg, CEO of Miko, said: “After years of successful growth, we now see in Paccor the perfect partner and owner to take the business forward and further globalise its market position.”
The acquisition is expected to be completed in the second quarter of this year, after approval by competition authorities. The financial terms of the deal have not been disclosed.
© FoodBev Media Ltd 2020
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