Greiner Packaging has acquired the remaining 49% share in Turkish dairy packaging company, Teknik Plastik Greiner Ambalaj.
The 100% acquisition is expected to strengthen the company’s rigid plastic packaging business, as well as its presence in the Middle East and Northern Africa.
In 2015, Greiner Packaging acquired the majority stake (51%) in Teknik Plastik and Teknik IML, both of which later merged into Teknik Plastik Greiner Ambalaj.
Greiner Group chairman Axel Kühner said: “The majority stake in Teknik Plastik and Teknik IML in 2015 gave us an initial foray into the markets in the Middle East and North Africa.
“In line with continuing our globalisation strategy, we have decided to integrate the Turkish site with its 270 employees entirely into the Greiner Packaging corporate organisation.”
After the acquisition of 51% stake, Greiner Packaging made a significant investment to modernise the joint venture's infrastructure and machinery, as well as expand its product portfolio.
Greiner Packaging CEO Manfred Stanek said: “We believe in the Turkish market and have positioned ourselves well in the past two years, both geographically and organisationally, in order to serve the markets in the Middle East and North Africa.
“We will therefore also continue to invest in the site.”
Following the acquisition, the joint venture will start operating as Greiner Packaging.
The new corporate structure will also be devised that will be announced at Eurasia Packaging to be held in October.
Image: Greiner Packaging acquires remaining stake of Teknik Plastik Greiner Ambalaj. Photo: courtesy of Greiner Holding.