Starflex Public Company and SPV’s previous shareholder will hold 25% and 5% shares, respectively. Credit: mdbildes via Shutterstock.

Thailand’s consumer packaging solutions provider SCG Packaging (SCGP) has announced it is acquiring a 70% stake in offset folding carton producer Starprint Vietnam (SPV).

The estimated value of the transaction is VND676.08bn ($27.73m).

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SCGP will make this investment through its wholly owned subsidiary SCGP Solutions (Singapore).

Upon deal completion, SCGP will hold a 70% stake in SPV while Thailand-based flexible packaging company Starflex Public Company will hold a 25% stake.

The remaining 5% stake will be held by SPV’s previous shareholder.

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SPV is an offset folding carton packaging manufacturer, with two production facilities in the Long Binh Industrial Zone, located in Dong Nai, a province in Southern Vietnam.

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Both facilities have a combined capacity of manufacturing 16,500 tons of offset printing and eight million units of rigid boxes every year.

SVP’s customer network mainly includes domestic, as well as global companies mainly associated with the fast-moving consumer goods segment.

The latest deal is expected to enhance SCGP’s existing packaging solutions capabilities, allowing the company to cater to its expanding customer base mainly in the Association of Southeast Asian Nations (ASEAN) region. 

It will also allow SCGP to strengthen and expand its existing footprint in offset folding carton packaging across Vietnam, which is claimed to be a potential high-growth market.

SCGP CEO Wichan Jitpukdee said: “SPV will be SCGP’s first high-quality rigid boxes facility in ASEAN and our first offset folding carton production base in Vietnam.

“The addition of offset and rigid boxes offerings to SCGP’s portfolio will greatly enhance our capability to provide integrated packaging solutions to meet the rising demand of packaging that helps enhance customers’ brand visibility in Vietnam and ASEAN. This will also drive the synergy among our regional operations.”

Earlier in October this year, SCGP completed two merger and partnership agreements to expand its packaging portfolio in the European and Italian markets.

This included the acquisition of a 100% stake in the UK’s Law Print & Packaging Management and an 85% stake in Italy’s Bicappa Lab.