Page 39 - Plastics News January 2021

Business news

Jindal acquires Domo’s nylon Altamont buys North American

films business Specialized Packaging Group

indal Films has agreed to buy Domo Chemicals’ Italian- rivate investment firm Altamont Capital Partners has
Jbased nylon films business for an undisclosed fee. Pstrengthened its portfolio with the acquisition of
Domo Films Solutions (DFS) is a producer of biaxially North American protective packaging products provider
oriented polyamide (BOPA) film and casting polyamide Specialized Packaging Group (SPG). As an independent
(CPA) film for flexible packaging in food, pharma, medical manufacturer, SPG operates under two divisions: IVEX
and other industrial sectors.Jindal said the acquisition and Engineered Packaging.
will boost its know-how, capabilities, and presence in IVEX division manufactures a
pharma, medical and other high-end flexible packaging, range of packaging materials,
and that the move into nylon films will complement including polyethylene foam
its “existing full basket” of polyolefin-based films.The and other protective packaging
company claimed it will become a full-service provider products from six facilities in
globally, further expanding the range of plastics films the US, Canada and Mexico.
for the flexible packaging and converting value chain. Engineered Packaging operates
Manfred Kaufmann, chief executive of Jindal Films Europe, eight facilities in the US
described DFS as a “profitable addition” to his company. and Mexico which focus on
“As an established European player in both BOPA and CPA designing and manufacturing
films, DFS will complement very well our existing European
footprint and capabilities,” Kaufmann said. “Together, we custo mised packaging
will continue to serve the European and global flexible solutions. It comprises of Induspac and Estapack.
packaging industry.” Domo chief executive Yves Bonte Altamont managing director Randall Eason said:
said the acquisition is a “logical step” that would enable “SPG is an established leader in the highly attractive
her company to concentrate on polymers and engineered protective packaging segment, and we are delighted
materials. Last August, Domo ended BOPA film production to partner with the team to build on the company’s
at its plant in Leuna, Germany – a move it said was down strong foundation and track record of success.
to global overcapacity in nylon films. “We believe that “Together, we are confident that we will drive value
Jindal Films is the right successor to further develop for SPG’s customers, employees and other stakeholders
a sustainable future for DFS in the flexible packaging in the months and years to come.” In line with the
industry and its customers,” Bonte added. Attilio Annoni, acquisition, Altamont senior advisor Pete Lane joins
SPG as executive chairman, while Bob Lally will become
the president of Engineered Packaging. Sean Condon
will continue to lead IVEX as president. Following the
deal, SPG founder Paul Gaulin will retire from the
position of president and CEO but will continue to
stay as a member of the Board of Directors, as well as
a minority investor in the business. Paul Gaulin said:
“The business is in great hands, and I am very proud
and excited to remain a partner and contributor in the
years to come.” "Additionally, I would like to extend
my personal gratitude and appreciation to all of our
employees, clients, suppliers and partners, past and
managing director of DFS, said that combining the two present, who have supported me and the business over
companies’ leadership in sustainability will enable Jindal the last 40 years. Finally, I would like to thank Altamont
to stay ahead of customer and regulator expectations even and look forward to this partnership with a world-class
more effectively, further minimising its environmental organization. . Baird and Raymond James & Associates,
impact. The deal is expected to be completed by the Inc. acted as financial advisors and Ropes & Gray served
end of March. as legal counsel to Altamont on this transaction.

39 Januar y 2021 Plastics News