This acquisition enables strong synergy potentials and is a sizable step in Constantia Flexibles’ film packaging presence in a growing market segment. Propak has delivered a very strong historical financial performance. It is complementary to Constantia Flexibles’ existing site in Turkey, Constantia ASAS, adding flexo printing capabilities and access to an adjacent market segment. It also reinforces Constantia Flexibles position with key customers in this market while increasing future potential for business growth.
Pim Vervaat, CEO of Constantia Flexibles, comments, “The acquisition of Propak fits perfectly in our Vision 2025 growth strategy and brings Constantia Flexibles a good platform in the growing European snacks market. It will also give us the opportunity to accelerate our more sustainable EcoLam Mono-PE innovation for the salty snacks market. I am looking forward to working with the management team at Propak in helping to bring the company to the next level.”
The transaction is expected to be completed in Q2 2021, pending regulatory approvals.