The acquisition is targeted to close by the end of 2Q 2016 and is subject to consultation of the French Works Council and closing conditions, including regulatory filings and local employment law and governance obligations in Europe.
Dow's specialty films business has over 50 years of expertise in providing film solutions used in medical, packaging and industrial markets and specializes in the production of blown oriented polystyrene films and co-extruded multilayer barrier and polyolefin films for global customers, through manufacturing facilities in Hebron, Ohio and Drusenheim, France. The business is an industry pioneer for many medical and packaging applications and is considered the leading global producer of high-value and technically complex medical films for ostomy bags. In packaging and industrial segments, Specialty Films enjoys strong brand recognition with SARANEXT Barrier Films, PROCITET Films and OPTICITET Films across many applications including beverage closure liners, ostomy appliances, window envelope films, labels and protective fabrics.
"Dow's film technologies, market focus and geographic presence support accelerated growth and global expansion in Transilwrap's strategic market segments including healthcare and packaging." said Andy J. Brewer, President & CEO of Transilwrap. "Dow's specialty films business is well regarded in the industry for strong technical expertise and globally recognized brands associated with quality, reliability and leadership and we look forward to working with their existing management team to drive new business opportunities forward."
"We are excited for the new opportunities that this acquisition will bring," said Spyro Petsalis, Global Business Director for Dow's Specialty Films business. "Transilwrap's complementary products, capabilities and extensive geographic foot print will allow us to offer customers additional solutions with an enhanced service platform, while renewed investment and focus will allow for continued innovation to fuel future growth."
In November 2013, The Jordan Company, in partnership with the existing management team, acquired Transilwrap as a platform to build a leading global specialty films company. Dow's Specialty Films business represents a meaningful acquisition under Jordan's ownership as it supports accelerated growth and global expansion in Transilwrap's strategic market segments. Dow's specialty films' facilities and employees will continue to operate as they do today as part of Transilwrap Company Inc.