US-based packaging, dispensing, and sealing solutions firm AptarGroup has made a takeover bid for speciality protective packaging products provider CSP Technologies for an enterprise value of $555m.

Established in 1965, CSP Technologies has integrated, active desiccant and product protection technologies in the pharma and food service markets.

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With annual revenues of around $140m, the company manufactures its products at two plants in the US and one in France.

The acquisition offers Aptar growth and expansion opportunities across Asia and other high-growth economies.

“This strategic transaction meets our disciplined criteria for acquiring companies with strong positions in attractive markets, proprietary technologies, solid margins and robust growth fundamentals.”

AptarGroup president and CEO Stephan Tanda said: “This strategic transaction meets our disciplined criteria for acquiring companies with strong positions in attractive markets, proprietary technologies, solid margins and robust growth fundamentals.

“Similar to Aptar, CSP Technologies has an innovative culture with intellectual property that drives product development and enables highly engineered solutions, including their three-phase polymer technology.

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“They are also experienced in navigating the relevant regulatory environments and have highly automated visual inspection and quality control systems, and analytical performance testing of individual products.”

The company is planning to grow the existing business in the pharma and food safety markets, and make use of CSP Technologies’ active packaging and material science expertise in other end markets.

Aptar noted that it will soon commence a consultation process with CSP Technologies’ works council in France.

Once the consultation process is completed, the company expects to sign a definitive stock purchase agreement with CSP Technologies in relation to the proposed acquisition.

Subject to certain closing conditions, including regulatory approvals, the transaction is scheduled to be completed in the fourth quarter of this year.

The company’s reported sales for the quarter ending 30 June rose to $711m.