Guala Closures to acquire Axiom Propac
Acquisition of Karnataka-based Axiom Propack to help Luxembourg-based Guala Closures Group, a producer of packaging material, fortify its position in Indian market
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Mumbai: Luxembourg-based Guala Closures Group, one of the world leaders in the production of packaging material, has signed a definitive agreement to acquire Karnataka-based Axiom Propack Pvt. Ltd for an undisclosed sum, the company said in a statement.
The deal under which Guala Closures will take full control of Axiom Propack, is slated to close within three months, subject to necessary approvals.
The acquisition is expected to help the multinational firm fortify its position in the Indian market, the statement said.
Mumbai-based investment banking firm Singhi Advisors and Walter Advisors acted as advisors to the deal for Axiom Propack, while KPMG and TTA Advocates represented Guala Closures.
Belur-based Axiom Propack mainly caters to the Indian-made foreign liquor (IMFL) market.
“With this acquisition we aim to reinforce our position in the area and to increase our capacity in order to properly answer to the growing demand of protection against products counterfeiting,” said Marco Giovannini, chairman and chief executive of Guala Closures Group.
Guala Closures is a global leader in the production of packaging for spirits, wine, oil and vinegar, water and beverages and pharmaceuticals, with over 14 billion pieces sold in more than 100 countries, according to the statement.