Consumer packaging firm Crown has agreed to acquire Signode Industrial Group Holdings (Bermuda) from Carlyle Group for $3.91bn.
The transaction is expected to add strong franchise business to Crown's existing metal packaging business.
Signode provides transit packaging systems and solutions, including strap, stretch and protective packaging consumable products.
The company also produces packaging tools and equipment, which can be used for the bulk packaging materials.
The company produces its products through various brands, including Acme Packaging, Angleboard, Burseryds Bruk, Caretex, Dacro, Down River, Fleetwood, GaleWrap, Haloila, H.Bohl, Josef Kihlberg, Kiwiplan and Lachenmeier.
Its other brands include Lock N’ Pop, Loveshaw, Mezger Heftsysteme, Mima, MIP, Muller, Multi-Wall, Orgapack, Shippers Products, Silawrap and Strapex.
With around 7,000 employees, Signode carries out operations in 40 countries across six continents and sales activities in around 60 countries.
Subject to customary closing adjustments, the deal is expected to complete in the first quarter of 2018.
Crown president and CEO Timothy Donahue said: "With this acquisition, we add a portfolio of premier transit and protective packaging franchises to our existing metal packaging business, thereby broadening and diversifying our customer base and significantly increasing our cash flow.
Signode CEO Mark Burgess said: "From the moment we became a stand-alone company, through three years of operational improvement, product development, and growth, the Carlyle team has partnered with us and been fully committed in helping create tremendous value to our franchise.”
Through its subsidiaries, Crown provides packaging solutions to consumer marketing companies across the globe.
Earlier this month, Crown Asia Pacific has opened a new beverage can manufacturing facility in Jakarta, Indonesia.
The firm’s 16th beverage can facility in the Asia Pacific region will manufacture standard 330ml two-piece aluminum beverage cans and different specialty sizes.
Image: Crown has agreed to acquire Signode. Photo: courtesy of adamr / FreeDigitalPhotos.net.