Denmark-based Faerch Plast has entered into final exclusive negotiations to acquire French firm CGL Pack from PSB Industries.
Part of PSB’s packaging and specialty chemicals segment, CGL Pack produces advanced packaging solutions for the food service industry, healthcare and consumer products.
As per terms of the agreement, Faerch Plast will acquire CGL Pack’s French manufacturing sites in Annecy and Lorient, as well as its headquarter in Annecy and associated commercial activities.
CGL Pack produces custom food packaging solutions, including cap sealing and packaging in a protective atmosphere, for food industry clients.
The firm produces thermoformed packaging solutions that provides protection and transports medical and pharmaceutical products.
CGL Pack also produces a range of thermoformed packaging solutions for the perfume, cosmetics and wellness sector.
Subject to customary conditions, the deal is expected to complete by the end of July this year.
The deal could happen eight months after private equity fund Advent International acquired Faerch Plast.
Faerch Plast Group CEO Lars Gade Hansen said: “We are impressed by the extensive product portfolio at CGL pack and their innovative design capabilities.
“Faerch Plast has a long history in the French market, and we believe the combination with CGL Pack would be an excellent opportunity for both parties, providing a much stronger foundation to deliver a broad, high quality product range to our customers.”
“CGL pack is a strong performing company with best in class design competences, strong manufacturing capabilities delivering innovative products into the segments served.”
Since 1969, Faerch Plast has been providing packaging solutions for the customers in the food industry.
Faerch Plast produces packaging solutions by using a range of materials such as PET, APET, PP, MAPET II and PP-EVOH-PE
The firm provides packaging solutions for ready meals, fresh meat and food to go products.
Faerch Plast offers packaging solutions for bakery products, dairy products, fruit, vegetables, cold meats, snacks and other cold foods.