Wendel completes Constantia Flexibles takeover

As part of the transaction, Wendel has invested 640 million EUR (688 million USD) for 73 percent ownership of Constantia Flexibles.

Founded by Herbert Turnauer in the 1960s, Constantia Flexibles supplies numerous multinational companies and local market leaders in the food, pet food, pharmaceuticals and beverage industries.

Constantia Flexibles has successfully developed its activity outside Europe and over the last five years has become one of the world leaders in flexible packaging.

As a result, Constantia Flexibles now has more than 3,000 customers worldwide, over 8,000 employees and 43 manufacturing sites in 18 countries. Its products are sold in more than 115 countries.

Wendel said it will support the growth and development of Constantia Flexibles over the long term as majority shareholder and expects to bring other minority shareholders on board.

H. Turnauer Foundation will also support Constantia Flexibles in its growth and development as a significant minority shareholder by investing 240 million EUR (258 million USD) for the remaining 27 percent ownership in the business.

Following the completion of the acquisition, Constantia Flexibles’ new supervisory board has been officially approved. 

In addition, Constantia Flexibles’ chief executive officer (CEO) Thomas Unger and the new supervisory board have mutually agreed that he will remain fully empowered as CEO until the end of 2015. Beyond the end of the year, Unger will pursue new opportunities outside the company.

Frédéric Lemoine, chairman of the new Constantia Flexibles supervisory board, said: ‘Wendel completes today a major transaction that is fully in line with the strategy announced. Constantia Flexibles is a very strong industrial company and one of the world leaders in packaging solutions. The segment in which the company specializes, flexible packaging, is being buoyed by underlying, worldwide market trends, and in the future, Constantia Flexibles will be able to grow both by organic means and by acquisitions, as the market is still very fragmented.

'We are also pleased to have completed a cooperation agreement with the H. Turnauer Foundation and thus to have with us the heritage of the founding family of Constantia Flexibles. Together, we will continue to develop Constantia Flexibles over the long term, based on a shared entrepreneurial vision..

‘Wendel is continuing its 2013-2017 objective of investing two billion EUR (2.15 billion USD), now with a strong priority on North America.’