Five Packaging Firms Form Global Plastics Company
Five leading packaging companies in North America and Europe announced they intend to combine to operate as one global leader under the banner of Exopack Holdings Sarl, a new Luxembourg company.
The combined business will have 63 plants, 8,650 employees and aggregate revenues of more than $2.5 billion, making it the sixth-largest plastics packaging company in the world.
Joining Exopack, a U.S.-based producer of flexible paper and plastic packaging, and advanced coatings, will be four leading companies based in Europe — Britton Group, a flexible plastic packaging manufacturer; PACCOR, the second-largest rigid plastic packaging company in Europe; Kobusch, a producer of tailor-made flexible and rigid packaging systems; and Paragon Print & Packaging, a leader in private label packaging solutions in the U.K.
All five packaging companies are affiliated portfolio companies of Sun Capital Partners Inc. The brand names of the five businesses would remain in use by the combined company.
The combined company is to be led by a strong management team with more than 100 years of experience in the packaging industry. Jack Knott will serve in the capacity of chief executive officer. Mike Alger will serve in the capacity of the company’s chief financial officer; Dieter Bergner will be CEO of PACCOR (Global Rigid business); and Michael Cronin joins the team as CEO of the Global Flexibles business.
“This combination represents a natural next step in a process that began eight years ago to create a global packaging company with a solid foundation for future growth,” said Marc Leder, co-CEO of Sun Capital Partners, in a news release. “Building on past collaborations between the companies, the combination will immediately achieve synergies and allow the combined company to more effectively pursue global business.”