Klöckner Pentaplast Group, one of the world's leading film manufacturers, has agreed to sell its flexible films business to Wipak, the packaging division of Finland's Wihuri, for an undisclosed sum.
The deal is expected to be completed within 2-3 months subject to due diligence and anti-trust clearance procedures. The operations being sold, employing around 120 in total, are the Bretzigau, Germany business and the Avanspack and Nordpak sites in Finland. Both supply flexible films, principally used in top web applications, for the food sector.
Klöckner Pentaplast claims to be the world's leading producer of films for pharmaceutical, medical device, food, electronics and general purpose rigid packaging, as well as printing and speciality applications. The company says flexible film sales accounts for just 3% of its overall turnover.
Joachim Kreuzberg, president and coo, says: “Our divestitures will enable us to focus even more on our core growth portfolio in the future. The flexible films segment can now be better developed in an environment where it is part of the core business.”