Pregis to sell packaging films unit to Sun European

17 October 2011 (Last Updated October 17th, 2011 18:30)

Global provider of protective packaging Pregis has signed an agreement to sell its Kobusch-Sengewald business unit to Sun European Partners for €160m.

Global provider of protective packaging Pregis has signed an agreement to sell its Kobusch-Sengewald business unit to Sun European Partners for €160m.

Pregis will use the proceeds from the transaction to repay a portion of its asset-based lending facility and otherwise retain for debt repayment, general corporate purposes and future reinvestment.

The business reported sales of €211.6m for the full year 2011 and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €24.8m.

Kobusch-Sengewald supplies specialised flexible packaging films for the food, consumer good and medical industries, along with semi-rigid and rigid packaging solutions for the food market.