The company acquired a minority share in the business eight years ago, and says that it has now acquired the remaining shares in the Indian business to give it total ownership.
Although neither terms and condition of the price of the acquisition was disclosed, the company did confirm that the acquisition was completed on December 21st, 2013.
Seven manufacturing facilities throughout India
The deal taps into seven manufacturing facilities located throughout India, where a variety of plastic packaging is produced for the personal care, food and pharmaceutical industries.
“This acquisition is aligned to our strategy of enhancing our footprint in the emerging markets. WEPL has performed well in the past years and we target to add to this growth further in the coming years,” Roel Zeevat, CEO of Weener Plastic Packaging Group, said.
The acquisition is not likely to make any difference to the current structure of the business inIndia, with managing director A.B. Gupta and director Abhinav Gupta retaining their positions at the top of the executive board.
Further organic expansion on the horizon
However, the acquisition is likely to fuel further expansion of the business, with Weener Plastics Packaging stating its intention to increase its organic growth through continued expansion in the fast moving consumer goods category.
The Weener business is headquartered in Lower Saxony, Germany, and was established in 1960, to become one of the leading packaging companies in both Germany and Europe.
It specialises in the personal care, food and beverage and home care industries and in June of this year it integrated the Plasticum business into the group, giving it a total of 2,000 employees in 20 countries around the world.