Plastipak Packaging has announced it is progressing its purchase of PET packaging specialist, APPE Group, with the acquisition expected to be fully finalised on 1st June 2015.
Plastipak Packaging, Inc. a leading global manufacturer of rigid plastic packaging,was selected by Forest Partners (administrators of La Seda de Barcelona) as the successful bidder to acquire APPE with a winning bid of €360 million.
“I am delighted with the sale to Plastipak. Our recent ownership difficulties have held our business back from fully delivering and implementing creative packaging solutions for the market, so this is the most positive outcome for our business and its long-term future,” explained Martin Hargreaves, APPE’s CEO.
“Our combined strengths, expertise and resources will immediately bring financial support and multi-material capability, which will undoubtedly deliver tremendous value for our customers, providing an unrivalled portfolio of products and solutions to support their future requirements.”
APPE currently has nine manufacturing plants covering Europe, Asia and North Africa and Plastipak has thirty two manufacturing plants globally of which seven are within Europe.