Essel Propack, world’s largest manufacturer of laminated tubes has acquired UK based Telcon Packaging, one of the two laminated tube manufacturers in Europe for an undisclosed amount.
Telcon has a 12 per cent market share and it is also one of Europe's leading focused laminated tube suppliers. The acquisition has been made through Lamitube Technologies Ltd, Mauritius, a wholly owned subsidiary of the company.
Essel Propack gained nearly 2 per cent after the company broke the news of the acquisition. The stock in intra-day trades touched a high of Rs 324.90, before closing at Rs 320.20, up 1.92 per cent from its previous close.
``The acquisition is a continuation of our strategic intent for Europe and the Americas. With this, we have set our feet firmly in UK market and expect it to result in further consolidation of laminated tunes manufacturing in Europe,’’ Essel Propack Vice Chairman and MD informed in an interview to a newspaper.
The press release also stated that the present team of Telecon headed by MD Phil Bridge would continue to manage the operations under the guidance of Essel Propack’s European structure
