Canadian group Premier Tech is to acquire Chronos Holdings, a UK company specialising in packaging systems and equipment for powders and granular material.
The terms of the deal, including the price that Premier Tech paid for Chronos Holdings, were not revealed.
This major acquisition positions Premier Tech's packaging business area amongst the world's top five players in the field of flexible industrial packaging equipment, and will push the company's annual earnings up from C$40 million (€25.7m) to nearly C$100 million. It will also mean the addition of some 300 new team members who will be joining the Premier Tech team from Chronos Richardson. These new team members are located in Europe (260), Asia (25) and North America (15).
Founded in 1881, Chronos Richardson is currently one of the leading manufacturers of packaging systems and equipment for powders and granular material. Its major product lines, which will complete and diversify Premier Tech's existing lines, include weighing systems, open mouth bagging systems, valve bag systems and palletising systems.
Mostly active in Europe and Asia, Chronos Richardson will boost the company's packaging business presence in these markets, while helping it speed up and increase its penetration of the North American market, Premier Tech claims.
With this investment, Premier Tech, which is presently the North American leader in packaging systems for organic material, now strikes a major opening in the food, chemical and mineral markets, while completing its line of technologies to meet its clients' needs.
Premier Tech has built its know-how and reputation on the various technology-oriented opportunities offered by sphagnum peat moss, an abundant natural resource in Canada. Its eleven business units operate in five areas: packaging, environment, horticulture, industrial and life sciences. The company has a team of 1500 people based in North America, Europe and Asia. Its strategic approach is supported by ongoing worldwide market development efforts.