Plastipak has completed the acquisition of polyethylene terephthalate (PET) packaging manufacturer Appe, in a deal worth €360m.
Expected to be finalised in June, the acquisition follows Plastipak’s selection as the winning bidder by La Seda de Barcelona’s administrators. The rigid plastic packaging manufacturer announced its intention to acquire Appe last November. The deal includes nine manufacturing plants in Europe, Asia and North Africa, which will bring Plastipak’s portfolio up to 41 sites globally.
Appe 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 requirements.
“As Appe is the market leader for PET packaging in Europe, the combined Appe and Plastipak business will further strengthen that position. Customers throughout our European locations will not only benefit from an extended geographical reach, as the deal will also see new cutting edge technologies broadening respective product ranges. We believe that this opportunity will be welcomed by all of our key stakeholders.”
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