SIDEL AND EMBALLATOR LAGAN PLAST ANNOUNCE DIVESTMENT OF SWEDISH SUBSIDIARY, TECTUBES
Global liquid packaging specialist Sidel has announced the divestment of subsidiary company Tectubes to the privately held Swedish business, Emballator Lagan Plast, a company within the Emballator Group, part of the Herenco Group. The transaction, completed on 3 March 2014, covers Tectubes Sweden AB, with the US arm of Tectubes, based in New Jersey, the subject of a successful and separate management buy-out.
Tectubes manufactures aluminum and plastic tubes supplying the food, pharmaceutical, chemical and personal care industries. The move is part of a strategic focusing of Sidel's core business as a leader in supplying PET liquid packaging solutions to the drinks industry. The Emballator Group, comprising companies located throughout Sweden, Norway, Denmark, Finland and Britain, develops, manufactures and markets packaging solutions and so represents a good fit for the former Sidel subsidiary.
The divestment of Tectubes Sweden AB to Emballator Lagan Plast will facilitate access to new markets and opportunities for Tectubes, and provide a stable basis to secure the long term future of the company. Under the terms of the purchase agreement, Emballator Lagan Plast will honour both existing supplier and customer agreements.
Mart Tiismann, Sidel President & CEO, commented - "We are pleased to have found in Emballator Lagan Plast a company whose core focus in packaging represents excellent opportunities to take the Tectubes business forward and we wish them every success in the future."
Christian Silvasti, CEO of Emballator Lagan Plast, commented - "Tectubes will broaden and strengthen our offer to the market. Our aim is to work together to create and develop new sustainable packaging concepts with focus on the customer experience and feelings. We will implement our Lean philosophies and principles and we strongly believe that this will lead to positive effects for both parties and most importantly, for our customers.
-We welcome Tectubes to the Emballator family"
