Private equity company and asset manager The Blackstone Group has signed a contract to acquire Klöckner Pentaplast, one of the world's leading film producers for pharmaceutical, medical device, food, electronics and general-purpose thermoform packaging applications from London-based Cinven and JPMorgan Partners.
The purchase price is €1.3bn, with the proposed sale subject to regulatory approvals, which are expected by June.
Able to trace its roots back to the emergence of the plastics industry, Klöckner Pentaplast was founded in Montabaur, Germany in 1965, and now has 21 production operations in 11 countries, including Argentina, Brazil, Canada, Germany, Great Britain, Russia, Spain and the US, as well as numerous sales operations. With sales of over €1.2bn, it employs over 3,400 worldwide. Today the various production facilities offer calendering, extrusion, coating and laminating, stretching/orienting and printing film production and converting capabilities.
Lionel Assant, Blackstone Group md, says: “Klöckner Pentaplast has a strong international market position and performance, and is committed to providing its customers with the most innovative and comprehensive solutions to meet their needs. The Group’s high quality films, superior technical expertise and support and its global manufacturing platform have earned its position as a recognised industry leader. We will continue to support Klöckner Pentaplast’s aggressive growth and investment strategy.”
The management of Klöckner Pentaplast will stay in place. The company says its “mission” is to “strive to be the worldwide preferred film supplier by delivering best-in-class solutions, enabling our customers to succeed”.