Financial Daily from THE HINDU group of publications
Wednesday, Apr 13, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 13, 2005 |
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Corporate
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Mergers & Acquisitions Essel Propack acquires UK's Telcon Packaging Our Bureau
Mumbai , April 12 ESSEL Propack on Tuesday announced it has acquired 100 per cent stake in Telcon Packaging of UK but did not disclose the value of the acquisition. This move helps Essel Propack to consolidate its laminated tubes manufacturing in Europe. Telcon Packaging is one of the two manufacturers of laminated tubes in UK, with 12 per cent share and is also one of Europe's leading focused laminated tube suppliers. The acquisition has been made through Lamitube Technologies Limited, Mauritius, a wholly owned subsidiary of Essel Propack Limited, India. According to Mr R. Chandrashekhar, Chief Operating Officer, Essel Propack, Telcon's facility has a huge installed capacity of 200 million tubes annually. However, only 30 per cent of the capacities were being utilised. "This gives us an upside in capacity expansion," he said. Besides, the clients that come aboard Essel Propack on account of this acquisition are entirely new. "A significant group of medium and small enterprises make up the clients," he said. This gives Essel Propack an opportunity to work with a new set of clients. With this acquisition, Essel Propack has two laminated tube facilities and one plastic tube plant in the Europe-UK region. "In the laminated tube business, we will now be able to use our Germany plant to cater to customers in Eastern Europe. The UK plant can now be used for clients in Western Europe and UK," Mr Chandrashekhar said.
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