Germany’s Klöckner Pentaplast Group is to sell its flexible film business to Wipak, the packaging division of the Finland based Wihuri Group. The production sites affected are Betzigau, in Germany, and Avanspack and Nordpak, in Finland. The deal, for an undisclosed figure, is subject to final due diligence process and anti trust clearance.
“The flexible film divestiture is a relatively small share – three per cent - of total Klöckner Pentaplast Group turnover”, says Joachim Kreuzburg, KP’s president and coo/Europe & Asia. “Our divestitures will enable us to focus even more on our core growth portfolio in the future. The flexible films segment can now be better developed in an environment where it is part of the core business.”
Klöckner Pentaplast Group claims to be the world’s leading producer of films for pharmaceutical, medical device, food, electronics, and general purpose thermoform packaging, as well as printing and speciality applications. It employs more than 3,700 people, has 23 current production operations in 12 countries, and sales of over €1.2B.
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