Constantia Flexibles to acquire 57% of Aluflexpack in technological and geographic expansion

19 Feb 2024 --- Constantia Flexibles has signed an agreement to acquire approximately 57% of the shares of packaging producer Aluflexpack. At the same time, Constantia Flexibles will launch an all-cash public tender offer for all publicly held registered shares of Aluflexpack. According to the company, the offer is subject to certain terms and conditions, including the outcome of the regulatory process.

Aluflexpack specializes in foil and film packaging for the consumer and pharmaceutical markets. The company operates from 14 locations across Europe with over 1,500 employees.  

Pim Vervaat, CEO of Constantia Flexibles, states: “I am delighted to welcome Aluflexpack to the Constantia Flexibles Group. This acquisition fits perfectly in our Vision 2030 strategy to position Constantia Flexibles as a leading flexible packaging player in Europe and globally. The combination of our businesses represents a great strategic and cultural fit.” 

“[The acquisition] will allow us to better serve our customers through an enhanced sustainable product range supported by a fully integrated technology portfolio while extending our geographical reach.”

This acquisition is a “sizable step” in Constantia Flexibles’ foil packaging presence across market segments, the company says. Aluflexpack’s business will be highly complementary to Constantia Flexibles’ geographical footprint in countries like Turkey, Poland, and Southeast Europe. 

The acquisition comes following the Smurfit Kappa merger with WestRock, announced last year, worth approximately US$34 billion. Analysts predicted this merger would cause a wave of smaller mergers and acquisitions. 

Since the Smurfit WestRock announcement, other consolidations — including a possible €11.7 billion (US$12.6 billion) Mondi-DS Smith merger — are on the cards. 

Edited by Louis Gore-Langton