Rigid plastic packaging specialist Plastipak Packaging has been selected as the preferred bidder to acquire APPE Packaging Division, owned by La Seda de Barcelona Group, for €360m.
The acquisition is said to form part of La Seda's pending insolvency proceedings.
APPE offers single-stage and two-stage polyethylene terephthalate (PET) preforms, bottles and containers for a wide range of markets such as food, beverages, home and personal care.
The company also offers barrier and heat-set technologies in many formats.
APPE currently operates a food-grade PET recycling plant in Europe, which is capable of producing 35,000 tonnes of recycled PET annually.
The transaction, which is subject to certain binding purchase agreements, regulatory approvals and other closing conditions, is expected to be completed in the first quarter of 2015.
Plastipak chief commercial officer Frank Pollock said: "We are very pleased to be selected to be the final choice to acquire the APPE Packaging Division.
"We have evaluated the organisational strengths of APPE's business and have completed a comprehensive analysis of APPE's sites, machinery, and intellectual property, and as a result, we are confident that this transaction will enable us to better serve our existing and future customers."
Plastipak said that it is continuing to invest in packaging in order to cater to changing consumer demands and lifestyles.
Image: APPE offers single-stage and two-stage PET preforms, bottles and containers for a wide range of markets such as food, beverages, home and personal care. Photo: courtesy of artur84 / FreeDigitalPhotos.net.