Constantia Flexibles to acquire Turkish snack-food packaging converter Propak
Vienna, Austria-based converting giant Constantia Flexibles signs an agreement to acquire the packaging producer Propak located in Dücze, Turkey. The transaction is expected to be complete this quarter.
Propak is a leading player in the European packaging industry for the snacks market. It operates from one plant with approximately 360 employees and complements Constantia Flexibles’ packaging portfolio. The acquisition elevates Constantia Flexibles to one of the main players in the European snack-foods packaging market.
This acquisition enables strong synergy potentials and is a sizable step in Constantia Flexibles’ film packaging presence in a growing market segment. Propak has delivered a very strong historical financial performance. It is highly complementary to Constantia Flexibles’ existing site in Turkey, Constantia ASAS, adding flexographic-printing capabilities and access to an adjacent market segment. It significantly reinforces Constantia Flexibles position with the key customers in this market and furthermore, increases future potential for business growth.
Pim Vervaat, CEO-Constantia Flexibles, says, “The acquisition of Propak fits perfectly in our Vision 2025 growth strategy and brings Constantia Flexibles a good platform in the growing European snacks market. It will also give us the opportunity to accelerate our more sustainable EcoLam mono-PE innovation for the saltysnacks market. I am looking forward to working with the management team at Propak in helping to bring the company to the next level.”