India's Bilcare Research spent approximately $130 million (€100 million) to acquire the global film extrusion operation of Ineos, one of the world's largest suppliers of petrochemicals and plastics. A binding agreement between the two, announced today (Aug. 2), includes Ineos' films operations, assets and personnel in North America, Europe, and Asia.
Ineos Films extrudes and calenders rigid PVC for use in pharmaceutical blister packaging, films for printing and decoration, shrink film for sleeves, capsules, and plastic credit cards; the company also does some processing of amorphous PET films. Bilcare is well known for its expertise in conversion of films to hinder counterfeiting.
The acquired business employs around 1300 at its extrusion plants in Germany (three facilities), Italy (two), two in India, and one in the U.S. in Delaware City, DE. It has a turnover of about $314 million (€240 million). The acquisition is being handled as a merger...