TREOFAN
Packaging group CCL Industries acquires Americas business / Assignment to Innovia planned
Just over a year after its acquisition of Innovia (Wigton / UK; www.innoviafilms.com see Plasteurope.com of 21.12.2016), CCL Industries (Toronto, Ontario / Canada; www.cclind.com) has returned. The Canadian packaging company has signed an agreement to acquire the Americas units from biaxially oriented PP (BOPP) film manufacturer Treofan (Raunheim / Germany; www.treofan.com see Plasteurope.com of 22.12.2017).

CCL will pay USD 200m (approximately EUR 162m) for the Treofan Americas business to Treofan owner Management & Capitali (M&C, Milan / Italy; www.mecinv.com). In addition, a USD 51m settlement has been agreed on for the installation of a new BOPP film extrusion line in Zacapu / Mexico, which is scheduled to begin operation by the end of 2018. The deal is expected to close in the second quarter of 2018, subject to regulatory approvals. CCL CEO Geoffrey Martin said CCL will combine the new business with Innovia. M&C is retaining the rights to the Treofan name.

The Zacapu plant has a capacity of 60,000 t/y of films for consumer packaging and labels. The new facility will add a capacity increase of 30,000 t/y. Treofan Americas generated about 65% of its total 2017 income of USD 212m in the US, with the remainder generated in Latin America. Adjusted EBITDA was calculated at USD 40m.

Details on the use of the EUR 204m proceeds for Treofan's remaining businesses were not disclosed by M&C, aside from the general statement that it wanted to focus more on customer-specific film specialities and high-performance films in the future.
13.03.2018 Plasteurope.com [239266-0]
Published on 13.03.2018
German version...German version of this article...

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