Constantia Flexibles has signed an agreement to acquire the packaging producer Propak located in Dücze, Turkey.
Propak is a leading player in the European packaging industry for the snacks market operating out of one plant with approximately 360 employees and will perfectly complement Constantia Flexibles’ packaging portfolio. The acquisition elevates Constantia Flexibles to one of the main players in the European snacks market, the company said in a statement.
This acquisition enables strong synergy potentials and is a sizable step in Constantia Flexibles’ film packaging presence in a growing market segment. Propak has delivered a very strong historical financial performance.
It is highly complementary to Constantia Flexibles’ existing site in Turkey, Constantia ASAS, adding flexo printing capabilities and access to an adjacent market segment. It significantly reinforces Constantia’s position with the key customers in this market and increases the future potential for business growth.
Pim Vervaat, CEO of Constantia Flexibles, stated: ‘The acquisition of Propak fits perfectly in our Vision 2025 growth strategy and brings Constantia Flexibles a good platform in the growing European snacks market. It will also give us the opportunity to accelerate our more sustainable EcoLam Mono-PE innovation for the salty snacks market. I am looking forward to working with the management team at Propak in helping to bring the company to the next level.’
The transaction is expected to be completed in Q2 2021, pending regulatory approvals.