Leading European PET packaging specialist, APPE, has confirmed that the agreement to purchase the Group has now been completed. Plastipak Packaging’s intention to acquire the business, announced last November, is anticipated to be finalised on 1st June.
Plastipak Packaging, Inc. a leading global manufacturer of rigid plastic packaging, was selected by Forest Partners (administrators of La Seda de Barcelona) as the successful bidder to acquire APPE with a winning bid of €360 million.
Martin Hargreaves, APPE’s CEO: “I am delighted with the sale to Plastipak. Our recent ownership difficulties have held our business back from fully delivering and implementing creative packaging solutions for the market, so this is the most positive outcome for our business and its long term future. Our combined strengths, expertise and resources will immediately bring financial support and multi-material capability, which will undoubtedly deliver tremendous value for our customers, providing an unrivalled portfolio of products and solutions to support their future requirements.
“As APPE is the market leader for PET Packaging in Europe, the combined APPE and Plastipak business will further strengthen that position. Customers throughout our European locations will not only benefit from an extended geographical reach, as the deal will also see new cutting edge technologies broadening respective product ranges.
“We believe that this opportunity will be welcomed by all of our key stakeholders” APPE currently has nine manufacturing plants covering Europe, Asia and North Africa and Plastipak has thirty two manufacturing plants globally of which seven are within Europe.
