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Essel Propack completes acquisition of Essel Deutschland

by ChemOrbis Editorial Team - content@chemorbis.com
  • 23/09/2016 (16:43)
According to media reports, Essel Propack, a manufacturer of laminated plastic tubes has completed the takeover of its joint venture Essel Deutschland GmbH (EDG) which has an enterprise value of $32 million. Through this acquisition, Essel Propack has raised its stake in EDG to 100%. This makes EDG a wholly-owned subsidiary of Propack.

In a press release, it is stated that Essel Deutschland Gmbh’s remaining stake of 75.1% will be acquired by Lamitube Technologies (LTL), a subsidiary of Essel.

With this step, Essel will have the opportunity to make cross-selling in the German market and it will have better capacity utilisation in its European plants.

EDG’s current revenue is reported at $40 million and it will be combined with Essel’s revenue.

Ashok Goel, vice chairman and managing director of Essel Propack, stated, "The acquisition of EDG will further enhance our position in the non-oral care category.”
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