Taghleef takeover of AET Films given approval

Related tags North america United states Manufacturing

Taghleef Industries (Ti) has received regulatory approval to complete the acquisition of Applied Extrusion Technologies (AET Films) for an undisclosed amount.

Dubai-based Taghleef manufactures biaxially oriented polypropylene film (BOPP) and AET Films is a main manufacturer of BOPP films in the Americas.

Rashid Al Ghurair, chairman of Taghleef Industries, said: “The purchase of AET Films allows Ti to expand its global footprint, secure a strategic position within the North American market and connect with multinational brand owners.”

Thomas Mohr, president and CEO of AET Films, added: “The partnership will enable both companies to expand internationally with an unmatched customer reach and strengthen its position in the Americas.

“Ti has complementary technology and production capabilities to AET which will enable us to provide a broader range of solutions for our customers and accelerate growth."

The acquisition will expand Taghleef’s presence in the Americas and increase its annual global BOPP film production capacity to 360,000 tons.