Italy-based M&C, the owner of Treofan Holdings, has sold its controlling stake in Treofan Europe to Jindal Films, an Indian film and label manufacturer.
The legally binding agreement was signed on August 6, and the transaction is expected to be closed before the end of the first quarter of 2019, subject to regulatory approval and closure procedures.
Jindal Films is a global manufacturer of specialty biaxially oriented polypropylene (BOPP) films and has affiliated production plants in India, Europe and the US. The company and its affiliates have sales offices to support customer needs in countries around the world, including North and South America, Europe and Asia, with a global headcount of approximately 3,000.
‘The takeover of Treofan by Jindal Films will open up new global strategic directions for the company and its employees,’ comments Dr Walter Bickel, CEO of Treofan. ‘At the same time, I would like to thank our current shareholder M&C for its commitment and support over the last decade.’
Earlier this year, Labels & Labeling reported that CCL acquired Treofan Americas business in the US, Latin America and Canada. Treofan Germany and Treofan Italy were not part of the earlier transaction.