Essel Propack Ltd. - a global leader in laminated plastic
tubes catering to the FMCG & Pharma space, recently announced the divestment
of its wholly owned subsidiary, Packaging India Pvt. Ltd. (PIPL) to Amcor
Flexibles India Pvt. with immediate effect.
The agreement has been signed and the deal is completed for
full cash consideration. The divestment
is part of company’s strategy to exit non-core adhesive lamination packaging
business and pursue growth opportunity in its core tube packaging business
which has great potential across the globe in Beauty & Cosmetics, Pharma
& Health and Food categories. The Enterprise value of the divested business
is Rs.165 Crore.
The deal will provide PIPL and its talent an opportunity to
further grows and prosper in the flexible packaging space as part of Amcor, an
Australia listed global packaging company engaged in flexible and rigid
packaging.
Statement from Ashok Goel, Vice Chairman & Managing
Director, Essel Propack Limited: “The divestment of Packaging India Pvt. Ltd.
is in line with our strategic decision to intensify focus on the core tube
packaging business globally including India. We are noticing a significant
growth in the demand of laminated tubes across categories. This decision will
help us to further strengthen our expertise in tube packaging business &
deleverage.”
Essel Propack, part of the USD 2.4 billion Essel Group, with
turnover of over USD 350 million, is the largest specialty packaging global
company, manufacturing laminated plastic tubes catering to the FMCG and Pharma
space. Employing over 2600 people representing 25 different nationalities,
Essel Propack functions through 25 state of the art facilities in eleven
countries, selling more than 6 billion tubes and continuing to grow every year.
Holding Oral Care market share of 33% in volume terms globally,
Essel Propack is the world’s largest manufacturer with units operating across
countries such as USA, Mexico, Colombia, Poland, Germany, Egypt, Russia, China,
Philippines and India. These facilities cater to diverse categories that
include brands in Beauty & Cosmetics, Pharma & Health, Food, Oral and
Home, offering customized solutions through continuously pioneering
first-in-class innovations in materials, technology and processes.
