- June 04, 2012
DUBAI, UAE | Taghleef Industries (Ti), a global biaxially oriented polypropylene (BOPP) film producer, has closed the transaction to acquire Applied Extrusion Technologies (AET Films), Wilmington, DE, a manufacturer of specialized BOPP films in the Americas.
“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,” says Rashid Al Ghurair, chairman of Ti, which has operations in UAE, Oman, Egypt, Australia, Italy, and Hungary as well as distribution centers in US, China, and Germany.
Dr. Detlef Schuhmann, CEO of Ti Group, adds, “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 CEO of AET Films, says, “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…. Ti has complementary technology and production capabilities to AET, which will enable us to provide a broader range of solutions for our customers and accelerate growth.”
This strategic acquisition will expand the Ti group’s presence in the Americas, while increasing its annual global BOPP film production capacity to approximately 360,000 tons.
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