Mayr-Melnhof Packaging has taken a further step to strengthen its presence in Latin America. The Austrian group has acquired Colombian folding carton company Plegacol.
Mayr-Melnhof Packaging (MM) has taken over Plegacol, a leading Colombian folding carton producer located in Santiago de Cali. The Austrian company explained that upon official authorisation of this transaction, operations of Plegacol and folding carton manufacturer Gráficas Los Andes, in which MM Packaging already holds a 20% shareholding and an option right to 100%, will be concentrated to form a new Colombian market leader in folding cartons. This entity is expected to generate sales of about €30m with around 400 employees and convert approximately 16,000 tpy of cartonboard.
For MM Packaging the acquisition of Plegacol constitutes a third step into Latin America subsequent to the acquisition of the Chilean market leader for folding cartons Marinetti in 2010 and an interest in Gráficas Los Andes earlier this year. „Our goal is to follow our customers into future markets and to create a Latin American network of highly efficient folding carton plants, which we will develop according to best practice of the MM Group“, outlines CEO Wilhelm Hoermanseder the long term strategy.
Plegacol specialises in the design, production and printing of folding boxes. The company generates annual sales of around €15m.
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