The deal to sell Nuroll, a year in negotiation, was signed at the start of 2011 and will become effective from 1 July, an M&G spokesman told FoodProductionDaily.com. No financial details were given.
The acquisition of Nuroll by Polinas is in line with the company’s “development and growth strategy in Europe, aimed at increasing the range of products offered in the flexible packaging market,” said the Italian firm.
Nuroll is a major producer of BOPET film. With an annual capacity of 18,000 tonnes per annum (t/a), the company has a “strong market share” in the flexible packing sector, said M&G Group.
Polinas, which was formed in 1982 and now employs 350 workers, is a subsidiary of Yıldız Holding Packaging. The firm is a leading producer of PP flexible packaging in Turkey, as well as manufacturing various plastic films such as cast and bio-oriented polypropylene.
Group President Dr Cahit Paksoy (pictured above right) of Yıldız Holding Packaging, ICT and Real Estate Groups, highlighted the importance of the acquisition, declaring it would allow Polinas to become a leader in BOPET film, develop its European base and extend it flexible packaging range.
"Nuroll SpA is one of the leading suppliers of Europe with it’s approximately 15 per cent of market share in BOPET film manufacturing in food packaging,” he added. “Polinas will become a full solution partner both for national and international packaging companies. Its sales and service network will enlarge. With this investment, we will also enter into high added value product segment more. And this will create new investment opportunities.”
Flexible packaging focus
M&G Group which said it was the world’s largest PET producer at 1.7m t/a, said the sale meant Nuroll would pass from a group focused on PET to one focused on flexible packaging. The transaction would also enable Nuroll to “become a broader range supplier”, it added.
Its facility at Pignataro Maggiore, Italy has an extrusion line, a co-extrusion line and a coating line. It has converting capabilities for both in-line and off-line treatment, said M&G.
The Italian giant is a chemical engineering company headquartered in Tortona, Italy. It develops PET resins for container packaging and PET packaging Films for the food market. Its 2007 sales reached $2.5 billion of which around 80 per cent were derived from its PET operations.