Constantia Flexibles Group, headquartered in Vienna, Austria, has signed an agreement to acquire a 60% stake in Parikh Packaging – located in the world´s fastest growing packaging market, India.
Thomas Unger, CEO of Constantia Flexibles: “With this acquisition we are operating in a highly attractive growth market. India has an ever increasing middle class with growing demand for packaged food and health care products, which we want to address with top quality products and services. We also want to support the growth of our international key accounts in this market.”
Parikh Packaging has sales of around USD 29 million and ca. 500 employees. Parikh Packaging today serves the food, health and personal care (HPC) and non-food industries. The company is well established in the market operating from Ahmedabad north of Mumbai in the state of Gujarat. The parties agreed not to disclose the purchase price of the transaction. The remaining shares will stay with the Parikh family.
Closing is subject to regulatory approval.
The acquisition is part of the international growth strategy of Constantia Flexibles and constitutes another important step for further growth and expansion in Asia.