The Klöckner Pentaplast Group (KP) today announces that it has signed a binding agreement to acquire Linpac Senior Holdings Ltd, an important film producer and converter for food packaging in Europe. The company group writes that the transformational acquisition will create a global leader in the rigid and flexible film market, with combined annual revenues exceeding USD 2 bn. Together, with about 6,300 employees across 32 locations in 16 countries, the two companies will form a one-stop-shop providing complete packaging solutions to customers worldwide. The consolidated group will be led by Wayne Hewett, CEO of KP. Daniel Dayan, CEO of Linpac, will lead the Food portfolio.

The transaction is subject to approval by certain regulatory authorities, as well as information processes with employee representatives in certain jurisdictions. It is expected to close in the summer of 2017.