Austria-based flexible packaging firm Constantia Flexibles has entered binding agreements to purchase a majority stake in Russian packaging firm TT-print.

Established in 1999, TT-print operates a production site in Voskresensk to develop packaging solutions such as printed aluminium blister foil and coldform for the pharma industry. The company currently employs approximately 100 employees.

Constantia Flexibles CEO Alexander Baumgartner said: “With this acquisition, we will be taking a leading position in the Russian pharma packaging industry.

“It requires local presence to serve the rapidly growing Russian packaging market.”

The Austrian packaging major currently operates the Constantia Kuban facility in Timashevsk and the new Voskresensk plant from TT-print marks the second plant for the company in Russia.

“With this acquisition, we will be taking a leading position in the Russian pharma packaging industry.”

Constantia Flexibles also expects that the transaction will strengthen its presence in the market and proximity to customers in the pharma industry in Russia and neighbouring countries.

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The company expects to close the transaction in the first quarter of this year.

Constantia Flexibles currently employs around 9,100 people across its 39 facilities in 17 countries to produce tailor-made packaging solutions.

The company offers a range of sustainable packaging solutions to various international and local companies across the consumer goods and pharma industries.

Last year, the Austrian packaging firm completed the acquisition of a majority shareholding in India’s Creative Polypack.

Creative Polypack registered sales of around €75m in the business year ending 31 March. It was established in 1986.

The company currently employs 850 workers at eight production sites in the Indian states of Baddi, Kanpur, Kolkata, Assam and Puducherry.