The PSB Industries has entered into exclusive negotiations with Faerch Plast, a leading European thermoformed plastic packaging provider for the food industry, concerning the disposal of its Food & Distribution division.
“This strategic decision highlights PSB Industries Group’s ambition to streamline its portfolio of activities and have new investment capabilities to support its growth and accelerate the development of its internationally recognized know-how,” says the company in a release.
The division, which comprises all the CGL Pack entities, is one France’s leading thermoformed custom-made plastic packaging provider, serving clients mostly in the food and healthcare industries. CGL Pack recorded revenues of EUR 48 million in 2017 and employs around 250 people on two production sites in Annecy and Lorient.
The EUR 81.5 million transaction is expected to be consummated by July 2018, after the conclusion of definitive agreements subject to customary conditions for this type of operation, and following the employees and workers’ council information process.
PSB Industries, which was so far focusing on three businesses (beauty packaging with Texen, custom packaging with CGL Pack, and specialty chemicals with Baikowski), recently announced the reorganisation of its Luxury & Beauty division under the management of Ludovic Anceau.