Packaging film manufacturer Cosmo Films is set to purchase the GBC commercial laminating business from US-based ACCO Brands. 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.
GBC Commercial Print Finishing supplies thermal lamination films and equipment in Australia and the Pacific Rim, Europe and North America It has three manufacturing sites, at Maryland in the United States; Kerkrade in the Netherlands and Asan in Korea. The company boasts annual revenues of around $100m.India-based Cosmo Films is a manufacturer of BOPP and thermal lamination films with global sales of approximately $140m. It is the largest exporter of BOPP films of India.
Grant Churchill, national manager for speciality print and finishing for GBC Australia says, "the proposed acquisition presents GBC Australia with an exciting opportunity to partner with Cosmo and bring an enhanced range of films to our customers in Australia."
He says, "There is a huge market for films in Australia and GBC has a well established distribution network. This puts GBC in a good position to maximise the partnership with Cosmo, providing excellent service coupled with competitively priced, quality product."
Meanwhile, Ashok Jaipuria, CEO of Cosmo Films says, "By maximising the strengths of both organisations we will have a vertically integrated, financially robust organisation with broad management, sales and technical expertise"
Jaipuria continues, "The combination will allow us to better serve our customers and bring in greater value to all our stakeholders."
