Graham Packaging Company Inc. (NYSE: GRM) has announced that its subsidiary, Graham Packaging Company Italia S.r.l., has committed to acquire the assets of Techne - Technipack Engineering Italia S.r.l. ("Techne"), for total consideration of euro 8.8 million.
Techne manufactures extrusion blow molding machines and has an installed customer base of over 1000 machines with over 200 customers representing more than 70 countries. Techne's machines produce bottles for end use applications in the dairy, household, industrial, personal care, pharmaceutical, food, and beverage markets. Graham intends to acquire intellectual property, inventory, fixed assets, customer relationships, and trade agreements, and intends to continue to operate Techne's manufacturing site in Bologna, Italy.
Techne is under liquidation proceedings with the Court of Bologna, Italy. Graham's intention to purchase the assets of Techne is subject to the approval by Techne's creditors of the composition plan filed by Techne and its subsequent ratification by the Court of Bologna and is subject to other customary conditions as well.
"Techne's assets significantly expand our proprietary machine technology and allow us to continue to drive innovation and cost effectiveness with our customers," said Mark Burgess, CEO of Graham. "Their installed base of over 1000 machines gives us additional opportunities to expand our activity in international markets and other market adjacencies."
About Graham Packaging
Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the design, manufacture and sale of technology-based, customized blow molded plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricants product categories. Graham Packaging has an extensive blue-chip customer base that includes many of the world's largest branded consumer products companies. It produces more than 20 billion container units annually at 97 plants in North America, Europe, South America, andChina.
Graham Packaging is a leading U.S. supplier of plastic containers for hot-fill juice and juice drinks, sports drinks, drinkable yogurt and smoothies, nutritional supplements, wide-mouth food, dressings, condiments and beers; the leading global supplier of plastic containers for yogurt drinks; a leading supplier of plastic containers for liquid fabric care products, dish care products and hard-surface cleaners; and the leading supplier in the U.S., Canadaand Brazil of one-quart/liter plastic motor oil containers.
To learn more about Graham Packaging, please visit the Company's Web site at http://www.grahampackaging.com/. Graham Packaging uses its Web site as a channel of distribution for material Company information. Financial and other material information regarding Graham Packaging is routinely posted on the Company's Web site and is readily accessible.