An Indian company has agreed to buy ExxonMobil’s biaxially oriented polypropylene films operations, one of the world’s largest BOPP film manufacturers.
New Delhi-based Jindal Poly Films said it signed the deal on 26 October, but it did not release terms. The company announced the acquisition to the Bombay Stock Exchange. ExxonMobil has a leading position in BOPP films in both North America and Europe.
“We are excited to buy this business due to its excellent portfolio of premium products along with industry leading technology and R&D,” said Jindal CEO Hemant Sharma in a statement. “We are equally excited to be acquiring an experienced and capable workforce.” In North America, the deal includes plants in LaGrange, Ga., and Shawnee, Oklahoma, and a technical centre and sales office in Macedon, New York. The Jindal statement did not mention an ExxonMobil films plant in Belleville, Ontario.
In Europe, the deal includes three ExxonMobil plants: Brindisi in Italy, Virton in Belgium and Kerkrade in the Netherlands. ExxonMobil makes clear, metallised and white BOPP films sold to converters in the packaging and labeling markets. The global BOPP films business employs about 1,500. Jindal Poly is part of the diversified BC Jindal Group, which has interests in flexible packaging, photographic products, thermal power generation and steel. The company claims to have the world’s largest single site for production of BOPP and biaxially oriented PET films in Nasik, India.
Source : http://www.europeanplasticsnews.com/subscriber/headlines2.html?cat=1&id=2124
