Rigid plastics packaging manufacturer Plastipak Packaging, Inc., a subsidiary of Michigan-based Plastipak Holdings, Inc., announced today an agreement to purchase the APPE Packaging Division of La Seda de Barcelona Group for a sum of €360 million ($388 million).
Plastipak was the winning bidder in a November 2014 insolvency auction. With the completion of negotiations and due diligence, the deal remains subject to regulatory approval and is expected to close in June or July 2015.
APPE specializes in PET rigid packaging and operates the largest food-grade PET recycling plant in Europe, according to the company. Their packaging solutions are used for products in the Food & Beverage, Household Care and Personal Care industries.
In February, APPE collaborated with Power Container Corp. to launch SprayPET Reveal, a transparent bag-on-valve (BOV) aerosol system.