Indian Packaging films maker Jindal Poly Films Ltd has acquired the Netherlands-based Apeldoorn Flexible Packaging Holding BV for $93.3 million in an all-cash deal.
As per the stock exchange filing, Indian firm has acquired a 100 per cent stake in Apeldoorn through its unit JPF Netherlands BV. Also, the European private equity firm Bencis Capital Partners, which owns a significant stake in Apeldoorn, will exit in the transaction. However, the transaction will require regulatory approvals in the Netherland and Germany, which is scheduled to be concluded by September end.
Dutch firm Apeldoorn Flexible Packaging was set up in 2014 that makes bread and cheese packaging films apart from load security films. Its consolidated revenue was 111 million euros (Rs 816 crore) in 2016.
On other hands, Jindal Poly operates seven factories in India, Europe and the US. In 2016-17, it has registered a net profit of Rs 113.62 crore on revenue of Rs 2,730 crore.
In 2013, the Indian company had acquired biaxially oriented polypropylene (BOPP) business of ExxonMobil Chemical for $235 million. Most recently, it was reported that the company is an advance discussion to acquire the European operations of DuPont Teijin Films for $300 million.
The acquisition will mark Jindal Poly Films’ foray into load security films. “This acquisition will provide us access to load security films – a new product line – and will also strengthen our relationship with brand owners in the food, beverage and FMCG segments. We remain committed to expanding our differentiated product offerings in the packaging films business globally,” Rakesh Tayal, a senior executive of Jindal Poly Films, said.
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