Latin America. Taghleef Industries, Lisa Holding and Valorem S.A. jointly announced that they have reached an agreement to acquire Biofilm, a Latin American producer of BOPP films for flexible packaging, labels and industrial applications.
The transaction, which was approved by the Board of Directors of all parties, is subject to regulatory approval and is expected to close in the fourth quarter of 2018.
With this acquisition, Taghleef will increase its annual production capacity to more than 500,000 tons. The company adds Cartagena, Colombia and Altamira, Mexico to its existing manufacturing sites in the United States, Canada, Italy, Hungary, Spain, Egypt, USA, Oman and Australia.
"For years, we have respected the high-quality products and innovative technology developed by Biofilm," said Dr. Detlef Schuhmann, CEO of Ti Group. "By uniting their highly experienced and skilled workforce with ours, we will achieve synergies in product, production and technical service that will benefit both existing TI and new customers that we welcome from Biofilm.
"We look forward to expanding our presence in Latin America and are especially excited to leverage Biofilm's strong portfolio of metallized films and vacuum-deposited barrier solutions."
Added Dr. Vittoriano Di Luzio, from Biofilm: "Ti is an ideal combination for Biofilm because of the company's history of growth through its unique model of successful integration. Biofilm is pleased to partner with Taghleef and looks forward to being part of this strong and ever-growing organization."
