Taghleef Industries (Ti) in Dubai, Middle East, has agreed to buy Derprosa Film from 3i Group, Baring and its shareholders.
Ti makes polypropylene films for applications including food packaging (solids, both fresh and dried, liquids and powders), labelling and BoPLA (Bio-oriented PolyLactic Acid) packaging films, branded Nativia.
The transaction has been approved by the Ti Board of Directors and Derprosa Film, which is used in luxury packaging and as a supplier of films for flexible packaging converters in Spain.
The deal is subject to customary completion conditions expected to close by the end of April, 2014.
Kathryn van der Kroft, communications director, 3i Group, told FoodProductionDaily it cannot provide any further information at this point.
“However, more information should be forthcoming once the transaction has completed,” she said.
Derprosa Film was strengthened by a new management team during its ownership by 3i Group, Baring Private Equity and its shareholders where the business was restructured and focused on international expansion and product development.
In the last four years it has developed and launched more than 14 products.
In a statement, Detlef Schuhmann, CEO, TiGroup, said once the acquisition is completed Derprosa Film will have access to a number of resources across several continents.
The Group has three manufacturing units in the Middle-East, two in Europe, one in Australia, one in the US and one in Canada, plus a distribution centre in Germany and a sales office in China.
It expanded its product range with its latest acquisition in the US, with Vision, a film used in medium and low shrink roll fed label applications and SynCarta, a synthetic paper for labels, tags, and other applications.