Belgium group Evadix, with businesses in printing on polymer (polypropylene, polyethylene, polyacrylic, polyvinyl) films, sells its Romanian subsidiaries Evadix Labels and Evadix MPI to global packaging products-maker Bemis, a press release informs.
The transaction, valued at EUR 3.3 million, is expected to be completed in the fourth quarter of 2017.
The amount is including the payment of the debts of the two companies based in Neamt County to Evadix, amounting to approximately EUR 840,000.
”The acquisition of Evadix operations in Romania will enable Bemis to increase its ability to produce and process packaging films in Europe,” the release reads.
Evadix Labels and Evadix MPI reported aggregate turnover of RON 23.96 million in 2016 and a consolidated profit of nearly RON 420,000, according to data available on the Ministry of Finance website.
The Belgian group entered the flexible packaging market in Romania in 2005, with the establishment of Evadix Labels – high quality printable polyethylene film producer and Evadix MPI – specialized in the processing and printing of films for packaging food, beverages and other consumables.
US-based Bemis is a global manufacturer and supplier of flexible and rigid packaging solutions for the food industry and pharmaceuticals, with annual sales of USD 4 billion and about 17,500 employees in 12 countries.