Taghleef completes acquisition of AET Films

Taghleef Industries (Ti), a global BOPP producer, has closed the transaction to acquire Applied Extrusion Technologies (AET Films), one of the principal manufacturers of specialized BOPP films in the Americas.

‘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,’ said Rashid Al Ghurair, chairman of Taghleef Industries. Headquartered in Dubai, Ti has operations in UAE, Oman, Egypt, Australia, Italy and Hungary and distribution centers in USA, China and Germany.

Applied Extrusion Technologies, headquartered in Wilmington, Delaware, purchased the BOPP films division of Hercules in 1994. As a major supplier of specialized BOPP films in the Americas, AET Films offers a wide range of flexible packaging films for labeling, food and non-food applications. The company has two production facilities located in Varennes, Canada and Terre Haute, Indiana, USA, as well as a state of the art research and development facility in Newark, Delaware, and an R&D pilot line in Covington, Virginia.

Dr Detlef Schuhmann, CEO of Ti Group, commented: ‘Under its current ownership and management, AET has steadily posted healthy financial returns year after year for the past few years and is now ready to strategically partner with a group that is expanding its global footprint. I am eager to bring together our respective skills and technology in order to deploy world class capabilities to best serve our customers, bringing them more solutions.’T

homas Mohr, president and chief executive officer of AET Films, added: ‘We are adding to Ti a highly skilled workforce, a specialized portfolio and a powerful technology platform. 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.’

An integration team has been designed and implemented now that the purchasing process is complete. ‘Ambitious synergistic actions have been designed and will benefit our key customers on both sides of the Atlantic and further east,’ explained Chandan Ghatak, CFO of Ti.

The acquisition will expand the Ti group’s presence in the Americas, while increasing its annual global BOPP film production capacity to approximately 360,000 tons.

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