Taghleef aims to expand global footprint through US acquisition
Dubai-based food packaging supplier Taghleef Industries hopes to supplement its expanding global footprint through the acquisition of US flexible packaging manufacturer Applied Extrusion Technology Inc. (AET Films).
Dubai-based food packaging supplier Taghleef Industries hopes to supplement its expanding global footprint through the acquisition of US flexible packaging manufacturer Applied Extrusion Technology Inc. (AET Films).
The acquisition agreement, which was approved by the board of directors from both companies, is subject to regulatory approval and is expected to be completed by the end of the second quarter of 2012. If completed, the acquisition will see Taghleef Industries establish its first US production base.
Taghleef, which manufactures and markets biaxially-oriented polypropylene (BOPP) and cast polypropylene (CPP) films for snacks, confectionary, bakery, biscuits and fresh produce, declined to disclose the financial details of the agreed acquisition. The company added that it currently has no plans for further US acquisitions.
“Strategic compliment”
“AET’s market position, product portfolio and growth ambitions were the best strategic compliment to Ti’s rapidly expanding global footprint to best serve its international markets and customers,” a Taghleef Industries spokesperson said.
The Delaware-based company, which specialises in oriented polypropylene (OPP) films used primarily in flexible food packaging, has two production facilities in North America – one in Varennes, Canada and another in Terre Haute, Indiana.
The firm has an annual capacity of 100,000 tonnes
“AET Films makes high quality, performance products backed by excellent service. Not to say that AET Films is well respected in the industry and is a trusted supplier,” the Taghleef spokesperson added.
No further acquisitions
The UAE-based packaging supplier added that it is not looking at any further US acquisitions. Taghleef currently has six production sites across the world with a total capacity of 206,000 tonnes per annum, including three manufacturing sites in the Middle East, one in Australia and two in Europe.
It also has distribution bases in Germany and the US and a sales office in China.
Source: Taghleef Industries
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