Jindal Poly Films (New Delhi / India; www.jindalpoly.com) has announced the acquisition of 100% of the shares of Apeldoorn Flexible Packaging (AFP, Apeldoorn / The Netherlands; www.afpholland.com), in an all-cash deal of EUR 82.3m. The main owner of the flexible film specialist is investment company Bencis Capital Partners (Amsterdam / The Netherlands; www.bencis.com). The deal is expected to be completed by 30 September 2017.

The AFP plant was founded in 1960 as Crown van Gelder, belonging to Van Gelder, Borden and, from 1996 to 2008, US film group AEP Industries, before becoming independent as AFP (see Plasteurope.com of 09.04.2010). In addition to its main area of stretch films, the Dutch company also produces packaging films, such as for cheese and bread, as well as technical PE films. With around 220 employees, AFP had a turnover of EUR 111m in 2016.

Jindal is regarded as a market leader in biaxially oriented PP and PET films, since its takeover of former ExxonMobil Chemical's (see Plasteurope.com of 30.10.2012) films business. According to the company, it has capacities for 430,000 t/y of BOPP and 127,000 t/y of BOPET. Last year, its turnover was INR 26.4 bn (around EUR 365m).

Rakesh Tayal, senior executive at Jindal, said the acquisition will provide Jindal access to the load security films market, in line with the company's diversification strategy. Its relationship with some existing market customers is also being strengthened.