Constantia Flexibles Group has agreed to purchase a majority shareholding in Creative Polypack, a laminates producer and flexible packaging group based in India.
Established in 1986, Creative Polypack has eight production sites in Baddi, Kanpur, Kolkata, Assam and Puducherry.
The move, which will reportedly allow the company to strengthen its footprint in India, is set to boost sales in the region to approximately £65 million in the business year 2017-2018.
Constantia Flexibles CEO Alexander Baumgartner said: “Through this acquisition, we will become the third largest flexible packaging company in India, the fastest growing packaging market globally, with double-digit growth rates driven by the megatrend urbanisation and the expansion of the retail sector.
“In addition, we gain a stronger footprint in the home and personal care (HPC) market, which complements our existing customer portfolio, while we are now able to cover the whole of the Indian subcontinent with our extensive production footprint.”
Creative Polypack manufactures film-based flexible packaging for the food and HPC industries, as well as paper-based soap wrappers.
Creative’s senior management will continue to exercise its functions after the acquisition.
Subject to the receipt of regulatory approvals, the closure of the transaction is to take place in the coming weeks.