US Plastipak Packaging wins bid to acquire APPE Packaging Division for €360m
By Jenny Eagle
- Last updated on
US Plastipak Packaging has won a bid to acquire APPE Packaging Division owned by La Seda de Barcelona Group for €360m. The selection of Plastipak brings to conclusion a six month competitive process to sell the APPE Packaging Division in connection with La Seda’s pending insolvency proceedings.
The transaction is subject to the negotiation of binding purchase agreements, regulatory approvals and certain other closing conditions, and is anticipated to close late in the first quarter of 2015. “We are very pleased to be selected to be the final choice to acquire the APPE Packaging Division,” said Frank Pollock, CCO, Plastipak.
“We have evaluated the organizational strengths of APPE’s business and have completed a comprehensive analysis of APPE’s sites, machinery, and intellectual property.
“We are confident this transaction will enable us to better serve our existing and future customers.”
Plastipak Packaging is a wholly-owned subsidiary of Plastipak Holdings, which designs and manufactures rigid plastic containers for the food, beverage, and consumer products industries.
It has more than 27 sites in the US, South America and Europe, with a total of over 4,000 employees.