Swedish supplier of injection moulded products Rosti (Malmö; www.rosti.com) has completed its purchase of a majority shareholding in Turkish IML specialist Tebplast (Istanbul; www.tebplast.com). No additional financial details were provided. The Teber family remains as the minority shareholder in the in-mould label entity with Erdem and Engin Teber keeping their current positions of managing director and operations director respectively.

Tebplast, with more than 40 production lines, 110 employees and supplier to primarily customers in dairy, fresh food and frozen foods markets, will join the Swedes' packaging segment as Rosti Tebplast. The Rosti Group already has a significant percentage of its sales in the packaging market supplying the food & beverage industry with caps and closures. With the purchase of the Turkish entity, Rosti now has access to the top-filled plastic packaging markets. The transaction also allows for a number of synergies from which to be benefited, including the acceleration of growth, noted Rosti's head of packaging, Magnus Emeus.

CEO Borje Vernet added he is confident his company is on the right track for reaching its long-term growth goals, following the disclosure of the deal. The company, which currently has annual revenues of EUR 350m, has set a target of EUR 600m in sales by 2016. The group currently has eleven production sites in eight countries. The acquisition follows the company's purchase of the former UK-based McKetchnie Engineered Plastics in July 2012 – see Plasteurope.com of 05.07.2012 – and Vernet has said he is certain Rosti will be adding "further acquisitions in the medium term".