Flexible packaging company Constantia Flexibles has agreed to purchase packaging manufacturer Propak for an undisclosed sum.
Located in Dücze, Turkey, Propak produces packaging for the snacks market. It operates from one plant with approximately 360 employees.
Propak will add flexo printing capabilities and complement Constantia ASAS, the company’s plant in Ankara, Turkey.
Additionally, it will support business growth by providing access to an adjacent market segment and strengthen Constantia Flexibles’ position in the European snacks market.
Constantia Flexibles CEO Pim Vervaat said: “The acquisition of Propak fits perfectly in our Vision 2025 growth strategy and brings Constantia Flexibles a good platform in the growing European snacks market.
“It will also give us the opportunity to accelerate our more sustainable EcoLam Mono-PE innovation for the salty snacks market. I am looking forward to working with the management team at Propak in helping to bring the company to the next level.”
The deal is subject to regulatory approvals and expected to complete in the second quarter of 2021.
French investment firm Wendel acquired a controlling stake in Constantia Flexibles in March 2015.
This acquisition is one of the largest transactions that Constantia Flexibles has made so far since then with Wendel as reference shareholder.
Constantia Flexibles has approximately 8,300 employees. It manufactures tailor-made packaging solutions at 37 sites in 16 countries.
Last week, Constantia Copenhagen opened a fully automated production site of in Ishøj, Denmark. The facility will increase the company’s capacity by three folds and support its business in the Scandinavian market.