German packaging group Paccor (Düsseldorf; www.paccor.com) has signed an agreement to acquire Miko Pac (Oud-Turnhout / Belgium; www.mikopac.com), the plastic packaging division of Miko Group (Turnhout / Belgium; www.mikogroup.be). With the acquisition, Paccor plans to strengthen its international reach, particularly in the fast-growing Asian market, with Miko Pac’s plant in Indonesia.

The acquisition, scheduled to be completed by Q2 2021, has been priced at approximately EUR 110m, according to Miko. The proposed transaction is yet to be approved by relevant competition authorities. Miko Group achieved a consolidated turnover of EUR 195.1m in 2020, with the plastic packaging department reporting turnover of EUR 107.3m and an EBITDA of EUR 18.4m.

Founded 45 years ago, thermoforming and injection moulding specialist Miko Pac employs around 500 people in Belgium, France, Germany, Indonesia and Poland. After the integration, Miko’s operational management will remain in the hands of its former co-owners and MDs, Kristof Michielsen and Karl Hermans.

In 2019, Paccor had acquired the majority stake in rigid barrier packaging manufacturer EDV Packaging (Barcelona / Spain; www.edvpackaging.com – see Plasteurope.com of 30.07.2019), and had recently announced plans to invest EUR 40m to meet the growing demand for sustainable packaging products (see Plasteurope.com of 15.02.2021).

Paccor CEO Andreas Schütte said, “Following the purchase of the EDV Packaging Solutions in 2019, our acquisition of Miko Pac is the logical next step in implementing our long-term business strategy and an excellent fit for our defined M&A strategy. Miko Pac’s innovative capabilities will further add to strengthen our ability to meet the needs of our customers.”