AptarGroup has closed the acquisition of speciality protective packaging products provider CSP Technologies for $555m.
Headquartered in the US, CSP Technologies provides active packaging technology based on proprietary material science expertise.
The company was established in 1965 and is specialised in integrated, active desiccant and product protection technologies in the Pharma and Food Service markets.
AptarGroup made a takeover bid for CSP Technologies last month at a price, which represents close to 13 times the latter’s adjusted EBITDA for the past 12 months.
The transaction is in line with AptarGroup’s strategy to acquire businesses that are well positioned in attractive markets, proprietary technologies, solid margins and robust growth fundamentals.
The company will focus on growing CSP Technologies’ existing business in the Pharma and Food Safety markets, while also using its active packaging and material science expertise to strengthen its portfolio in other end markets.
AptarGroup president and CEO Stephan Tanda said: “As anticipated, the closing of the CSP Technologies acquisition went smoothly and we welcome CSP Technologies’ experienced team to Aptar.
“We will begin to integrate CSP Technologies into our global network and together we will continue to develop value-creating, differentiated solutions as a global leader in packaging solutions.”
CSP Technologies, which has annual revenues of around $140m, has two manufacturing plants in the US and one in France.
The acquisition will offer AptarGroup opportunities to pursue growth across Asia and other economies.
AptarGroup supplies dispensing and sealing solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food, and beverage markets.
The firm operates manufacturing facilities in North America, Europe, Asia and South America.