Germany-based biaxially oriented polypropylene (BOPP) film specialist Treofan said the strategic realignment launched in 2015 is continuing to pay results.
The company's adjusted EBITDA in the 2016 business year surged to €38m, when compared to €32m in 2015.
The company stated that largely stable sales volume of 157 kilotons were recorded compared to the 155 kT figure in 2015, representing a doubling of profits inside a period of two years.
Specialty films constituted 72% of the sales volume in 2016, growing by 3% from what was registered in 2015. The target for the current business year has been fixed by the company at 75%.
Treofan CEO Walter Bickel said the main factor behind the profitable growth is the strategic transformation undertaken by the company from a conventional film manufacturer into a provider of integrated premium solutions.
Bickel added: "We want to become the leading specialist for innovative surface solutions by combining our technical expertise with our unique relationships to the main regional and international brand manufacturers and major processors.
"So we're increasingly developing innovative integrated solutions in direct collaboration with multiple partners across the entire value chain."
Treofan said it will invest in plant technology at its facilities to back up its specialization plans. The company has approved investments of nearly €50m on a coater in Italy and a new production line in Mexico among other expansions.
The company is also planning to have €22m in cost reductions by 2020. To implement its cost saving plans, Treofan has launched a global efficiency program dubbed NICO (Next Improvement Challenge Operational).