Rigid plastic packaging manufacturer, Plastipak Packaging, will acquire the APPE Packaging Division owned by La Seda de Barcelona Group with a bid of € 360m ($448m). It follows a six month competitive process to sell the division as part of La Seda’s pending insolvency proceedings.
Headquartered in Michigan, Plastipak Packaging operates more than 27 sites in the US, South America and Europe. APPE offers single-stage and two-stage PET preforms, bottles and containers for food, beverages, home and personal care markets.
The transaction is expected to close late in the first quarter of 2015. Plastipak Packaging’s €360m bid includes a gross up of €65m ($81m) of accounts payable, which will be transferred with the business but discounted from the bid. This means the actual consideration for the business is €295m ($367m).