Taghleef completes takeover of AET Films

- Deal to facilitate growth for both Ti and AET Films in North America and around the world

Taghleef Industries (Ti), a leading global biaxially-oriented polypropylene (BOPP) film producer, has closed the transaction to acquire Applied Extrusion Technologies (AET Films), one of the principal manufacturers of specialized BOPP films in the Americas.
 
The deal was initially announced at the start of April, and will increase Ti's annual global BOPP film production capacity to approximately 360,000 US tons.

Applied Extrusion Technologies Inc., headquartered in Wilmington, Delaware, purchased the BOPP films division of Hercules Inc. in 1994.
 
As a major supplier of specialized BOPP films in the Americas, AET Films offers a wide range of highly sophisticated flexible packaging films for labeling, food and non-food applications.
 
The company has two production facilities located in Varennes, Canada and Terre Haute, Indiana, as well as a state-of-the-art research and development facility in Newark, Delaware, and an R&D pilot line in Covington, Virginia.
 

Business expansion

Ti chairman Rashid Al Ghurair said: ‘The purchase of AET Films allows Ti to expand its global footprint, secure a strategic position within the North American market and connect with multinational brand owners.’
 
Dr Detlef Schuhmann, chief executive officer of Ti Group, said: ‘Under its current ownership and management, AET has steadily posted healthy financial returns year after year for the past few years and is now ready to strategically partner with a group that is expanding its global footprint.
 
‘I am eager to bring together our respective skills and technology in order to deploy world-class capabilities to best serve our customers, bringing them more solutions.’
 
Thomas Mohr, president and chief executive officer of AET Films, said: ‘We are adding to Ti a highly skilled workforce, a specialized portfolio and a powerful technology platform.
 
‘The partnership will enable both companies to expand internationally with an unmatched customer reach and strengthen its position in the Americas.
 
‘Ti has complementary technology and production capabilities to AET that will enable us to provide a broader range of solutions for our customers and accelerate growth.’
 
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