In a deal that aims to combine annual revenues exceeding $2 billion, the Klöckner Pentaplast Group has signed an agreement to acquire LINPAC Group Limited and its direct and indirect subsidiaries, announced the two companies.
Wayne M. Hewett, CEO of KP, said, “This is a highly complementary acquisition that will help KP expand our technological capabilities and presence into the food industry and the rigid and flexible film market, as well as further develop our offerings in end markets such as pharmaceuticals, food and beverage, and consumer and industrial products. KP will be enriched by LINPAC’s innovations, adjacent products and know-how. We are excited about the new opportunities that lie ahead of us.” Daniel Dayan, CEO of LINPAC, said, “We are excited to join forces with KP and believe this transaction will significantly accelerate LINPAC’s geographic expansion. Merging these two market leaders into one company will create strong opportunities for all involved and we look forward to working together.”
Financial terms of the deal were not disclosed. The transaction is subject to approval by certain regulatory authorities. It is expected to close this summer.
Besides, aiming at combined annual revenue, the companies look forward to consolidating their film production technology and conversion capabilities to provide a one-stop-shop providing complete packaging solutions to customers. Together, KP and LINPAC will have 32 locations across 16 countries with about 6,300 employees.