Austria-based Constantia Flexibles signed an agreement with the Turkish private equity investment company Gözde Girişim to acquire 100 percent of the shares of Propak Ambalaj, a packaging producer located in Düzce-Turkey, for EUR 120 million.
Constantia Flexibles said in a press release that Propak, one of the leading players in snacks market, will complement their packaging solutions portfolio and will perfectly support their position in Europe by strengthening the consumer base, while also increasing future growth prospects.
“This acquisition is part of our Vision 2025 growth strategy and provides an excellent opportunity for us to grow in European market. It will also give us the opportunity to speed up our R&D activities to offer innovative solutions for the sector," Pim Vervaat, CEO of Constantia Flexibles said.
The deal is subject to approval of the regulatory bodies and is scheduled to be closed in the second quarter of 2021. Constantia Flexibles has entered the Turkish market by acquiring Asaş Ambalaj in 2011.