According to media sources, RPC Group, an international rigid plastic packaging supplier, is acquiring the large Chinese injection moulding firm ACE Corp. Holdings Ltd.
The deal, worth up to $430 million, will be RPC’s first manufacturing presence in Asia and one which the company hopes to be able to use as a platform to make further acquisitions.
Currently 94% of RPC’s $1.76 billion sales are in Europe, but the company noted that Asia’s rigid plastic packaging markets will have the world’s fastest growth, averaging 9.8% a year through 2018, compared with 2.7% in Europe.
Pim Vervaat, CEO of PRC, said: “Our customers have been asking us for a long time to go into China. There is a clear indication that this acquisition will open doors and we can follow customers.”
Mr Vervaat added that ACE would continue to operate as a independent business led by CEO Jack Yeung.
Source: Plastics News / Food Navigator Asia