Constantia Flexibles has signed a binding agreement to acquire a majority stake in Russian printer TT-print.
TT-print was established in 1999 and produces packaging for the pharma and food industries at its site in Voskresensk. Some of its core products are printed aluminum blister foil and coldform.
Constantia Flexibles and TT-print have cooperated for more than a decade. The world’s third largest flexible packaging producer will use its majority stake in TT-print to expand its market presence and proximity to customers, especially in the pharma industry, in Russia and neighboring countries.
Alexander Baumgartner, Constantia Flexibles CEO, explained: ‘With this acquisition we will be taking a leading position in the Russian pharma packaging industry. It requires local presence to serve the rapidly growing Russian packaging market.’
The new site in Voskresensk is Constantia Flexibles’ second plant in Russia alongside Constantia Kuban in Timashevsk.
The acquisition is expected to be closed in the first quarter of 2019.