Plastipak Packaging confirms that following the approval granted by the European Commission under the EU Merger Act on June 11th, the sale of APPE to Plastipak Packaging Inc. is now complete. APPE is rebranded Plastipak Packaging with immediate effect.
William C. Young, CEO of Plastipak Packaging, stated, "Plastipak is pleased to welcome APPE under the banner of Plastipak Packaging. The acquisition will significantly strengthen Plastipak's position in Europe and provide a solid platform for further growth into surrounding regions. Our competitive advantage includes Packaging Innovation Centers which supply and service our Direct Object Printing systems, ThermoShape and ThermaLite technologies, multi-layer barrier containers and E-Pet with fully integrated handles, to name only a few." He went on to say, "The combination of the strong leadership teams of both companies, positions Plastipak to be the global leader in rigid packaging, through engaged hearts and minds."
Martin Hargreaves is appointed Managing Director, Europe which now comprises fifteen (15) production facilities, spanning twelve (12) countries throughout the Europe region. Martin's leadership has been effective in driving Organizational Capabilities and has navigated APPE through challenging conditions.
Frank Pollock, Plastipak's President of International Operations and CCO stated, "Through combining APPE's strong technical innovations and the global technology reach of Plastipak, we will better serve our customers' global product needs and facilitate our expansion into new markets. Our commitment is to bring overall value to our customers through material efficiency, container design, innovative products and unlimited options for the use of recycled products."
We wish to thank our customers as well as the APPE and Plastipak management teams who have worked so hard to make our two companies become one.
Plastipak Packaging, Inc., a wholly-owned subsidiary of Plastipak Holdings, Inc., is a world leader in the design and manufacture of high-quality, rigid plastic containers for the food, beverage, and consumer products industries. Plastipak operates more than 37 sites in the United States, South America and Europe, with a total of over 5,000 employees. Its customers include some of the world's most respected and recognized consumer brands. Plastipak is also a leading innovator in the packaging industry, holding more than 420 United States patents for its state-of-the-art package designs and manufacturing processes. In addition, Plastipak licenses various packaging technologies around the world. Plastipak was founded in 1967 and is headquartered in Plymouth, Michigan. Additional information about Plastipak can be found at its website www.plastipak.com.
Plastipak acquired APPE, the packaging division of La Seda de Barcelona, in July 2015.
Forest Partners, Estrada & Associados acted as the Insolvency Administrator of La Seda in liquidation.
Statements in this press release concerning Plastipak's intentions, expectations or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management's current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Forward-looking statements speak only as of the time made, and the Company assumes no obligation to publicly update any such statements.