Italian private equity firm M&C, which owns Treofan Holdings, has signed a binding agreement to divest its controlling stake in Treofan Europe to Indian film and label manufacturer Jindal Films.
With production plants in India, Europe and the US, Jindal Films is specialised in the development and manufacture of speciality biaxially oriented polypropylene (BOPP) films.
Along with its affiliates, the company serves customers around the world, including North and South America, Europe and Asia.
Treofan CEO Dr Walter Bickel said: “The takeover of Treofan by Jindal Films will open up new global strategic directions for the company and its employees.
“At the same time, I would like to thank our current shareholder M&C for its commitment and support over the last decade.”
The Treofan Group, which has a workforce of around 800 employees, manufactures BOPP films for packaging, labels and technical applications.
Operating three production sites in Germany and Italy, the group caters to FMCG brand manufactures and their converters, as well as the tobacco and electrical industries.
Established in 1969, the Treofan Group has a nameplate capacity of 125,000t film per year and 5.1 billion square metres per year of capacity output.
The completion of the Treofan Europe transaction is anticipated to take place by the end of the first quarter of next year and is conditional upon regulatory approval and closure procedures.
The latest transaction comes after M&C completed the divestment of the Treofan Americas business to Canadian label manufacturer CCL Industries.
Valued at $251m, the divestment also includes new production line under construction.