IRVINE, Calif., June 13, 2012 /PRNewswire/ -- Polyplex, one of the world's largest producers of thin polyester film, along with Scholle Corporation, announced today that they have signed a definitive agreement for Polyplex to purchase all assets of Scholle's Vacumet Plastics Division, a leading supplier of metallized plastic films. Polyplex anticipates completing this acquisition in July, 2012.
The acquisition of Vacumet Plastics significantly expands Polyplex's metallized product range to include all plastic substrates which, along with Polyplex's existing research and development efforts, will result in a broad range of products that the company can offer to its North American customer base.
Amit Kalra, Vice President of Polyplex's North American Division, stated that "this acquisition will make Polyplex an all-in supplier serving all the packaging needs of our customers by providing them with an expanded product portfolio and giving them increased value through horizontal and vertical integration."
Polyplex's acquisition of Vacumet Plastics is in-line with the company's global growth strategy that includes construction of a resin manufacturing plant in Decatur, Alabama, investment in a thick film PET plant in Thailand and a bottle-grade resin plant in Turkey.
Vacumet Plastics, located in Austell, Georgia, has an annual production capacity of over 30 million pounds of film and supplies metallized plastic film for consumer products and packaging components for Fortune 100 companies.
Kent Kisselle, Vacumet's Director of Market Segments, said of the purchase, "Adding Vacumet's robust process capability and intimate market understanding to Polyplex's emerging North American footprint creates a powerful value proposition."
The sale of the Vacumet Plastics Division is consistent with Scholle Corporation's strategy to focus on growing its core Performance Packaging Solutions business including: flexibles, bag-in-box packaging, aseptic processing, filling technology, dispensing solutions and other emergent packaging offerings.
Scholle Corporation is being advised by George K. Baum Capital Advisors, Inc. on the sale.
Polyplex is headquartered in New Delhi, India and is the one of the world's largest thin polyester film producers. The Company's manufacturing facilities are located in India, Thailand, Turkey and the United States. www.polyplex.com
ABOUT SCHOLLE CORPORATION
Scholle Corporation is a privately-held company headquartered in Irvine, California that provides performance-based packaging solutions to multi-national companies who in turn serve millions of people on a daily basis. Scholle's focus on value-added packaging solutions and aseptic processing capabilities brings their customers the ability to provide products to a wide range of global markets as purely, safely and simply as possible.
SOURCE Scholle Corporation