Constantia Flexibles (Vienna / Austria; www.cflex.com), which claims to be the world’s third largest producer of flexible packaging, has bought the firm TT-print (Voskresensk / Russia) for an undisclosed sum.

The Austrian company, which is majority-owned by the Wendel group (Paris / France; www.wendelgroup.com), had owned part of the 100-strong Russian firm for around a decade and said the deal would give it a leading position in the pharmaceutical packaging industry in Russia. It expects to complete the acquisition by the end of March 2019.

Constantia Flexible CEO Alexander Baumgartner said a local presence was needed to serve the rapidly growing Russian packaging market. The deal gives the Austrian firm a new production site in Voskresensk, around 90 km southeast of Moscow. It also operates Constantia Kuban in Timashevsk in the south of the country, near the border with Georgia.

Constantia employs around 9,000 staff worldwide. It said it aimed to use its new ownership of the TT-print business to expand its market presence in the pharmaceutical industry in Russia and in neighbouring countries.