Taghleef Industries (Ti) and Applied Extrusion Technologies, Inc. (AET Films) have announced the companies have reached an agreement for Taghleef to acquire AET Films. The transaction, which has been approved by the boards of directors of both companies, is subject to regulatory approval and is expected to close by the end of the second quarter, 2012. Houlihan Lokey has been named as the financial advisor to AET Films and its shareholders in this transaction.
Headquartered in Dubai, Ti currently has six production sites across the globe with a nominal capacity of 260,000 tons per annum. Ti develops, manufactures and markets BOPP (biaxially-oriented polypropylene), BOPLA (NATIVIA) and CPP (cast polypropylene) films for snacks, confectionery, bakery/biscuits, fresh produce packaging as well as for labelling and adhesive tapes. Ti offers a portfolio of high quality transparent, white voided, metalizeded and high barrier films (EXTENDO) to its customers in more than 100 countries.
AET Films is a supplier in North America of specialized oriented polypropylene (OPP) films used primarily in flexible packaging for food, product labeling, and non-food applications. The company is headquartered in Wilmington, DE, USA.