German rigid plastic film and packaging solutions provider Klöckner Pentaplast Group (KP) has entered a binding agreement to purchase UK-based Linpac Senior Holdings for an undisclosed sum.

The deal includes direct and indirect subsidiaries of Linpac, which currently produces film and converter for the European food packaging sector.

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The proposed deal will see the creation of a rigid and flexible filmmaker, with combined annual revenues of more than $2bn.

To be led by KP CEO Wayne Hewett, the combined entity will employ around 6,300 people across 32 locations in 16 countries worldwide.

"This is a highly complementary acquisition that will help KP expand our technological capabilities and presence into the food industry and the rigid and flexible film market."

In addition, the deal will enable KP to boost its customer-centric business approach and to expand its technological capabilities into the rigid and flexible film market.

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By leveraging both the companies’ products, KP will further be able to develop new products, solutions and design capabilities.

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Linpac will also be able to expand its geographic reach through the deal.

Subject to approval from certain regulatory authorities and the completion of some other formalities, the deal is expected to be completed within this year.

Hewett said: “This is a highly complementary acquisition that will help KP expand our technological capabilities and presence into the food industry and the rigid and flexible film market, as well as further develop our offerings in end markets such as pharmaceuticals, food and beverage, and consumer and industrial products.

“KP will be enriched by Linpac’s innovations, adjacent products and know-how. We are excited about the new opportunities that lie ahead of us.”

In October 2016, KP purchased Turkish rigid plastic film and packaging solutions provider Farmamak.