German firm Thimm Verpackung and Spanish outfitter Saica have reached an agreement to jointly take over the corrugated packaging operations of a Polish company.
Both partners in the joint venture underlined the geographical importance of Poland as a brigde into Eastern Europe and the potential gains to be made as the country's economy grew as they unveiled the acquisition of Tektura Opakowania Papier (TOP), based in Tychy, Poland near the southern city of Katowice.
TOP produces corrugated board transport and sales packaging and employs 170 workers. In 2010, it posted a turnover of €17m. Its paper and board divisions are not part of the deal.
Subject to approval from Polish competition authorities, Thimm will have a 51% stake in TOP's corrugated business while Saica will own the remaining 49% of the shares. The partners said they had been working together in a strategic sales alliance since the late 1990s.
Thimm said the move to acquire TOP's corrugated arm was part of its strategy to expand into Eastern Europe, where the market is less developed and growth potential greater than in the mature Western European segment. The Northeim-based business already operates its own plants in the Czech Republic and Romania. The newly acquired asset will open up most of Poland and neighbouring export markets.
Spain-based Saica (S.A. Industrias Celulosa Aragonesa / Spain) said the buyout was part of its strategy to become a leading European player.
Source: Thimm and Saica