Biofilm is jointly owned by Valorem and Lisa Holdings, with manufacturing plants in Cartagena, Colombia and Altamira, Mexico.
Its product lines include Clear High Barrier, Coextruded, Metallized, White Opaque, Labels and Plain (non-heat sealable).
The transaction, which was approved by the Board of Directors of all parties, is subject to regulatory approval and is expected to close in Q4, 2018.
Detlef Schuhmann, CEO, Ti Group, said thanks to the acquisition the company will expand its presence in Latin America, increasing its annual production capacity to more than 500,000 tons.
“For years, we have respected the high-quality products and technology developed by Biofilm,” said Schuhmann.
“By joining their experienced and trained workforce with ours, we will achieve synergies in product, production and technical service that will benefit both Ti’s existing customers and the ones we welcome from Biofilm.”
Vittoriano Di Luzio, Biofilm, added it is excited to partner with Taghleef and ‘looks forward to being part of this strong and continuously growing organization’.
Taghleef Industries (Ti), based in Dubai, supplies specialty and high performance films for packaging, labels, industrial, and graphic arts applications for food products such as snacks, biscuits, ice-creams, fresh cut vegetables, coffee, and bakery.
It has manufacturing sites in the US, Canada, Italy, Hungary, Spain, Egypt, U.A.E., Oman and Australia.