ÅR Packaging Group has signed a binding agreement with PT Maju Jaya Sarana Grafika (MJSG) to purchase a significant majority stake in the company.

MJSG CEO and co-owner Adrian Koesnendar will continue to own the remaining shares.

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MJSG has two production sites in Bekasi (close to Jakarta, Java) and Semarang (central Java), and primarily serves the tobacco and food segments.

"The acquisition of Maju Jaya is an important step to implement our expansion strategy outside of Europe."

AR Packaging branded products chief operating officer Peter Aichhorn said: “We are very satisfied to have found such a competent partner in Maju Jaya.

“We have worked very closely with the company in recent months and we are convinced that together we will be able to provide the best possible service to both our local and multi-national customers going forward.”

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AR Packaging chief executive officer Harald Schulz said: “The acquisition of Maju Jaya is an important step to implement our expansion strategy outside of Europe.

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"We view a Southeast Asian platform to be the natural first step in our global aspiration in selected segments.”

Koesnendar added: “Becoming a member of AR Packaging will strengthen our commitment and capabilities to serve the customers in the best way.

“Access to new innovations and technologies enables us to compete on the global market.”

Earlier this year, AR Packaging and MJSG announced a strategic partnership with an aim to cooperate in manufacturing, procurement, sales and marketing.

With the latest deal, this partnership has now been enhanced by AR Packaging's investment equity.

Completion of the transaction is subject to customary closing conditions.