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Innovia Films deal completed

The acquisition of the films business of Belgian pharmaceutical and chemicals company UCB Group for €320m (Packaging Today, July/August) by a consortium led by former Hays Chemical Distribution md Dennis Matthewman and private equity house Candover Partners has been completed.

Previously UCB Films, the company will now be called Innovia Films and continue to produce specialist biaxially oriented polypropylene (BOPP) and cellulose films, employing 1,600 people at two sites in the UK, one in Australia and one in the US.

Matthewman, Innovia Films chairman, says: “As far as cellulose and BOPP films are concerned we have the largest R&D facilities in Europe and we intend to fully exploit the experience and expertise which exists within the business to increase operations worldwide.”