Indian film and label manufacturer Jindal Films has agreed to purchase a controlling stake in Treofan Europe from its patent firm M&C for an undisclosed sum.
Treofan is involved in the speciality biaxially oriented polypropylene (BOPP) films for packaging, labels and technical applications.
The company supplies its BOPP films to FMCG brand manufactures and their converters, as well as the tobacco and electrical industries.
With around 800 employees, Treofan Group markets film products in more than 90 countries. It operates three production facilities in Germany and Italy.
Treofan supplies advanced film solutions for major brands in the consumer goods industry across the globe. Its transparent films can be used in flowpack (HFFS), bag (VFFS), pre-made bag, pouch, overwrap, lamination, cold seal film, release film and ultra thin film applications.
Subject to regulatory approval and closure procedures, the deal is expected to complete in the first quarter of 2019.
Treofan CEO Dr Walter Bickel said: “The takeover of Treofan by Jindal Films will open up new global strategic directions for the company and its employees.
“At the same time, I would like to thank our current shareholder M&C for its commitment and support over the last decade.”
In July this year, Canadian specialty packaging firm CCL Industries completed the acquisition of Treofan America and and Trespaphan Mexico Holdings from their parent firm M&C for around $255m.
The acquired businesses represent the Treofan Americas business in the US, Latin America and Canada.
Treofan Americas operations in Mexico and the US will now trade under the Innovia Films name, as the deal completed.
Based in Zacapu of Mexico, Treofan Americas has production capacity of 60,000 tons for specialty applications in consumer packaging and label markets.
Jindal Films is engaged in the development and manufacturing of BOPP films. The company operates production facilities in India, Europe and the US.
The company, along with its affiliates, manages sales offices in various countries across North and South America, Europe and Asia. It employs around 3,000 people.