UK-based Plastics Capital has completed the acquisition of Flexipol Packaging, in a previously announced deal worth £10.64m.

Based in Lancashire, Flexipol produces plastic packaging products, including vacuum bags, block bottom tray liners, animal feed sacks and pallet covers.

Plastics Capital will now have access to Flexipol’s existing complementary products and customers.

The company previously said that the acquisition is expected to enhance its earnings in the first full financial year.

While the enlarged packaging business will mean near-term cost synergies from increased buying power, it will also present Plastics Capital with long-term cross-selling opportunities.

Plastics Capital currently has four production plants in the UK, as well as a plant in Thailand and sales offices in the US, Japan, China and India.

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"Plastics Capital currently has four production plants in the UK, as well as a plant in Thailand and sales offices in the US, Japan, China and India."

The company carries out most of its production work in the UK. However, it exports around 60% of its sales to approximately 80 countries worldwide. Currently, the group employs around 350 people.

Plastics Capital chairman and CEO Faisal Rahmatallah previously said: "Flexipol is very clearly a business that meets our acquisition criteria: specialty products, high recurring revenues with loyal customers, limited competition and healthy financial performance.

"It is complementary to Palagan and this should enable us to extract significant synergies in due course through cross-selling, operational efficiencies and raw material cost savings.

"We are also very pleased to announce an oversubscribed £5m placing with both new and existing institutional shareholders, at a 4.4% discount, in order to part-finance the Flexipol acquisition."