India's Largest Database on New Projects
Graham Packaging to acquire blow molding company
26 April 2011: Graham Packaging is likely to acquire Italian company Techne for Euro 8.8 million (approx Rs 56.32 crore).
The company’s subsidiary in Italy, Graham Packaging Company Italia S.r.l., had committed to acquire the assets of Techne – Technipack Engineering Italia S.r.l – which produces extrusion blow molding machines. Under the terms of the deal, Graham will acquire intellectual property, inventory, fixed assets, customer relationships, and trade agreements. It will continue operations in the Italian company’s current plant. The takeover is subject to a number of approvals, including by Techne's creditors and the Court of Bologna, which is overseeing current liquidation proceedings.
Bologna based Techne produces bottles for the food, beverage, pharmaceutical and personal care industries. It has installed more than 1,000 machines for 200 customers in 70 countries.
Source: Foodproductiondaily