Mumbai: Cosmo Films Limited announced today that it has entered into an agreement to purchase the GBC Commercial Print Finishing business from ACCO Brands Corporation U.S.A. The acquisition, which is expected to close late in the second quarter of 2009, is subject to certain conditions precedent to closing including regulatory approvals. Terms of the transaction were not disclosed.
.
With revenues of approximately $100 million, GBC Commercial Print Finishing is a leader in the industry, providing thermal lamination films and equipment in Europe, North America, Japan and the Pacific Rim. It has three manufacturing sites – Hagerstown in Maryland, USA, Kerkrade in Netherlands and Asan in Korea.
Cosmo Films Ltd is a leading manufacturer of BOPP and thermal lamination films with global sales of approximately $140 million. It is the largest exporter of BOPP films of India.
Ashok Jaipuria, Chairman and CEO of Cosmo Films, said, “The combination of Cosmo Films and the GBC Commercial print finishing business presents an exciting opportunity. By maximizing the strengths of both organizations we will have a vertically integrated, financially robust organization with broad management, sales and technical expertise. The combination will allow us to better serve our customers and bring in greater value to all our stakeholders.”
About Cosmo Films Ltd:
Cosmo Films Ltd (CFL) promoted by Ashok Jaipuria, is a market leader in the manufacturing of Bi-axially Oriented Polypropylene (BOPP) and is also the largest BOPP film exporter from the Country. In addition, the company is the largest manufacturer of thermal lamination films in India.
The company’s product range includes: Co-extruded Plain Film (Transparent, Matte, Silky Matte, Opaque, Pearlised, Metallisable & Metallised), Co-extruded Heat Sealable Film (Transparent, Opaque, Pearlised, Metallisable & Metallised),Synthetic Paper, Extrusion Coated Film (based on BOPP, BOPET & BOPA) and Water and Solvent based coated films.
Cosmo Films presently has a total of 2 manufacturing locations in Aurangabad (Maharashtra)
CFL is associated with leading FMCG Brands for providing cost-effective innovative packaging solutions to enhance their value. Apart from being ISO 9000 certified, CFL has also got accredited with American Institute of Baking (AIB) and British Retail Consortium (BRC) Certification for Safety and Hygiene of Food related products.
The company has planned a capital expenditure of $48 million to increase its capacities from 56,000 MT of BOPP Films to 1,36,000 MT of BOPP films in two phases. The first phase incorporating an increase of BOPP capacity to 96000 MT is on schedule and is expected to be completed by March 2009. The second phase of the expansion will be completed in fiscal 2010.
Major end-uses of BOPP films are: Food–Snacks, Confectionary, Cosmetics-Toiletries, Label Films, Stationary, and Cigarettes over wraps, Self Adhesive Tapes, Lamination. In a survey by "FORBES" in 2003. Cosmo has been recognized one of the best 200 companies out of 19000 listed companies with revenue of less than 1 Billion US$ outside US.
For more information, please contact:
Ms Zarin Darashaw
Hanmer MS&L Communications Pvt. Ltd
Tel No- 022- 67524650/ 9867373804
Email- zarin@hanmermsl.com
