Taghleef Industries (Ti), a leading global biaxially oriented polypropylene film (BOPP) producer, announced that it has closed the transaction to acquire Applied Extrusion Technologies (AET Films), Wilmington, DE, USA, one of the principal manufacturers of specialized BOPP films in the Americas.
“The purchase of AET Films allows Ti to expand its global footprint, secure a strategic position within the North American market and connect with multinational brand owners,” says Rashid Al Ghurair, chairman of Taghleef Industries. Headquartered in Dubai, Ti is currently one of the leading BOPP producers with operations in UAE, Oman, Egypt, Australia, Italy and Hungary and distribution centers in the US, China and Germany.
Applied Extrusion Technologies purchased the BOPP films division of Hercules Inc. in 1994. As a supplier of specialized BOPP films in the Americas, AET Films offers a wide range of flexible packaging films for labeling, food and non-food applications. The company has production facilities in Varennes, QC, Canada and Terre Haute, IN, USA, as well as research and development facility in Newark, DE, and an R&D pilot line in Covington, VA, USA.
Detlef Schuhmann, CEO of Ti Group, says, “AET has steadily posted healthy financial returns year after year for the past few years and is now ready to strategically partner with a group that is expanding its global footprint. I am eager to bring together our respective skills and technology in order to deploy world class capabilities to best serve our customers.” The acquisition will increase Ti’s annual global BOPP film production capacity to approximately 360,000 tons.