High barrier

Wendel has acquired US-based high-performance plastics packaging company CSP Technologies for $360m.

The transaction is in line with the company’s 2013 to 2017 objective of investing €2bn, with a strong focus on North America and Europe.

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As part of the deal, Wendel has invested $198m for 98% ownership.

Wendel executive board chairman Frederic Lemoine said: "One year after the opening of Wendel North America’s office in New York, we are very proud to announce the acquisition of CSP.

"CSP’s management team has delivered consistent growth over a long period of time, led by a strong focus on quality and innovation.

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"We look forward to further supporting John Belfance and his team as they continue to expand into new markets. After the recent acquisition of Constantia Flexibles in Europe and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013 to 2017 objective of investing €2bn globally."

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"One year after the opening of Wendel North America’s office in New York, we are very proud to announce the acquisition of CSP."

CSP, headquartered in Auburn, Alabama, provides plastic packaging solutions to a variety of markets, including healthcare, food, dairy and retail. It employs 400 people and produces its patented, Six-Sigma products at two injection-moulding manufacturing facilities in the US and France.

The company is expected to generate more than $100m in revenue in 2014.

CSP CEO John Belfance said: "Wendel’s long-term investment philosophy and 300-year track record of building exceptional manufacturing companies make them the ideal partner for us.

"We welcome them as a strategic partner as we continue to execute our domestic and international business objectives."

Image: CSP Technologies provides plastic packaging solutions to a variety of markets. Photo: courtesy of John Kasawa / freedigitalphotos.