Cinven to acquire Klöckner Pentaplast
24 Oct 2001
Cinven has signed a letter of agreement to acquire Klöckner Pentaplast Group, a producer of rigid films for food and pharmaceuticals packaging.
The acquisition will be financed through a combination of equity and debt for an enterprise value of approximately 925 million Euros and is subject to regulatory and shareholder approval.
Klöckner Pentaplast, the rigid films operations of German-based Klöckner Werke AG, currently operates from 14 sites in 6 countries, primarily Germany, the Netherlands, Switzerland and the US, and employs 3,100 people worldwide. In the year ended September 2001, Klöckner Pentaplast is expected to report turnover of 870m Euros.
The senior management team consisting of Dr. Heinz Gärtner, Mr. Norbert Gunderlach and Mr. Thomas J. Goeke will continue to lead the company's operations.
On April 24th this year, Klöckner Pentaplast acquired a majority holding in the UK film manufacturers G-PLAS in Crumlin, Wales.
