Danish packaging group Faerch Plast, a manufacturer of plastic trays serving the food industry, is to acquire CGL Pack from French packaging and specialty chemical products company PSB Industries Group.
Set to be closed by the end of July, the acquisition is expected to bolster Faerch Plast’s position in several European markets.
CGL Pack offers packaging solutions for food service, healthcare and consumer products industry segments.
Following the acquisition, Faerch Plast will have access to CGL Pack’s two manufacturing sites located in Annecy and Lorient in France.
The transaction includes CGL Pack’s headquarter in Annecy and associated commercial activities.
Faerch Plast Group CEO Lars Gade Hansen said: “We are impressed by the extensive product portfolio at CGL pack and their innovative design capabilities.
“Faerch Plast has a long history in the French market, and we believe the combination with CGL Pack would be an excellent opportunity for both parties, providing a much stronger foundation to deliver a broad, high-quality product range to our customers.
“It has for a number of years been paramount for Faerch Plast to have a local footprint in the French market. With the two CGL Pack sites in France, this strategic parameter for growth would be achieved.”
Last year, Faerch Plast was acquired by private equity fund Advent International.