Wendel welcomes the acquisition by Constantia Flexibles of the flexible packaging business owned by the Italian company Lamp San Prospero SPA via an asset deal.
The acquisition is carried out by Constantia Flexibles in the context of a competitive auction as part of a restructuring process ('concordato preventivo') governed by the Court of Modena in Italy. The transaction is expected to be completed in the coming weeks.
Modena-based Lamp was founded in 1963 and belongs to privately-owned VIMA Holding. Its core products are printed aluminum blister foil and coldform slitting for major pharmaceutical companies. Lamp achieved sales of approximately 15 million euros in 2015 and currently has about 50 employees.
Constantia Flexibles Pharma division is the world's second largest flexible packaging manufacturer for the pharmaceutical. It operates production sites in Austria, Germany, Spain, Vietnam, the UK and Belgium.
The Pharma division has annual sales of approximately 330 million euros and supplies over 1,000 global customers, including multinational corporations and local market leaders. The division has about 1,300 employees.
Since Wendel became the reference shareholder of Constantia Flexibles, the company has already made 3 other acquisitions. The acquisition of Lamp's flexible is the second one in the pharmaceutical packaging after Oai Hung in Vietnam.
These transactions will contribute positively to Constantia Flexibles long-term value creation. Wendel is the main shareholder of Constantia Flexibles with 60.5% of its share capital.