- Major milestone in the company's growth strategy
- Ideal geographic fit strengthening WP's presence in Latin America
- Complementing WP's comprehensive portfolio of innovative packaging
Weener Plastics (WP) Group acquires Latin American packaging solutions provider Proenfar from Altra Investments. The agreement was signed on 23 April 2018. With this acquisition, plastic packaging supplier WP continues its expansion in emerging markets and strengthens its product portfolio. The parties have agreed not to disclose the purchase price. The transaction is subject to customary closing conditions.
Proenfar and WP complement each other perfectly. While WP has a strong presence in Europe, Proenfar is a leading player in Latin America. Proenfar, headquartered in Bogotá, Colombia, employs more than 1,600 people and has four production plants in Colombia, Argentina and Mexico. The company exports its products to more than 20 countries across the Americas and has long-standing customer relationships with multinational and local companies in the pharmaceutical and personal care markets. With this acquisition, WP not only expands its international presence, it also strengthens and broadens its customer relationships with multinational as well as Latin American companies.
With regard to the product portfolio, Proenfar is an excellent fit with WP's focus on innovative packaging technologies allowing WP to grow in strategic product categories such as deodorant packaging. Both companies have innovation as a core competence and invest in product and process improvements to offer the best packaging solutions for their customers. The acquisition also enables WP to expand its product portfolio with the addition of pharmaceutical packaging, thus diversifying the company's customer base.
Roel Zeevat, CEO of WP, said: "The acquisition of Proenfar marks an important milestone in our successful international expansion. I am convinced that our customers will benefit from this transaction as Proenfar shares our strong focus on innovation and customer service. We look forward to working together with Proenfar's experienced management team and welcome all their employees to the WP group."
Mario Vergara Corradine, President of Proenfar, said: "We strongly believe that in WP, we have found the perfect partner. Our geographic reach and product portfolio complement each other perfectly. But even more importantly, we share the same culture of promoting innovation, entrepreneurship and excellent customer service. In recent years, we have grown Proenfar from a local Colombian business to a leading Latin American player. Together with WP, we are ideally positioned to take the next step on our growth path."
24 Apr 2018