Taghleef acquires AET Films

Taghleef Industries has agreed a deal to acquire North American rival Applied Extrusion Technologies (AET Films).
 
Dubai-based Taghleef develops, manufactures and markets a range of films from BOPP to CPP that are used for snacks, confectionery, bakery and fresh produce packaging. The films are also used for labeling and adhesive tapes. Other products include a portfolio of high-quality transparent, white voided, metallized and high barrier films. The company currently has six production sites around the world with a nominal capacity of 260,000tpa.
 
AET Films is a North American supplier of specialized oriented polypropylene (OPP) films used primarily in flexible packaging for food, product labeling, and non-food applications. It has a 100,000tpa capacity, and supplies many of the world’s largest consumer products companies.
 
The deal for Taghleef to acquire AET Films has been approved by the board of directors at both companies, and is expected to close by the end of Q2, 2012, subject to regulatory approval.

A spokesperson for Taghleef Industries said: 'AET’s market position, product portfolio and growth ambitions were the best strategic complement to [Taghleef's] rapidly expanding global footprint to best serve its international markets and customers. The merger fits with AET objectives which were to expand beyond the NAFTA region.

'Initially there will be little to no impact; in the medium-term an integration team will manage changes pragmatically.'