India-based packaging and printing firm Janus Packaging has announced that it has sold 65% of its company to German packaging manufacturer Carl Edelmann.
Janus Packaging's promoters will retain the remaining 35% stake once the transaction is complete.
The acquisition is believed to be a strategic decision by Carl Edelmann to strengthen its foothold in Indian packaging industry.
The company said that it wishes to capture synergies, combining its technological ability with Janus' knowledge of the Indian market.
Janus Packaging manufactures folding cartons for the packaging industry and also provides innovative packaging solutions and conventional packaging services to various companies. It owns a plant in the Indian state of Himachal Pradesh.
Edelmann has 12 production plants across the globe situated in Germany, France, Poland, Hungary, China and Mexico. It manufactures packaging and folding cartons, packaging inserts and system solutions and mainly serves the health and beauty care markets and pharmaceutical packaging.
The company's packaging is also used in several premium consumer goods products such as cosmetics, hair colouration, confectionery, cigarettes, leaflets and labels.