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Graham Packaging snaps up stake in Indian firmliz.wells@haymarket.com, 10 February 2009Be the first to comment on this article US-based plastic container manufacturer Graham Packaging is to acquire a minority stake in PPI Blowpack, a privately owned company based in Mumbai, India. PPI Blowpack produces rigid plastic containers for the food, pharmaceutical, chemical, and fast-moving consumer goods markets in India. Ashok Sudan, Graham Packaging’s executive vice president and general manager, said: “We have a large market share in Europe and South America, and this represents a logical next step into another dynamic, high-growth market. “PPI Blowpack has a proven record of results, excellent customer relationships, great respect and cooperation between management and employees, and a desire to grow. India is the fastest growing economy outside of China, and our depth and breadth of technology can help PPI Blowpack grow in India and beyond,” he added. PPI Blowpack founder Prahlad Deora said Graham Packaging would be a “great strategic partner” and he was looking forward to bringing its technology and product offerings to India. Graham Packaging currently operates 29 manufacturing facilities outside of the US in Argentina, Belgium, Brazil, Canada, Finland, France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey, the UK and Venezuela. It produces more than 20 billion containers annually at 83 plants across the world. It had sales of $2.5bn in 2007. The deal is expected to be finalised in March. Speak Your Mind |
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