Another JPFL acquisition

Apeldoorn Flexible Packaging BV

November 2, 2017

In July 2017, Jindal Poly Films Ltd (JPFL) announced its proposed acquisition of Netherlands-based Apeldoorn Flexible Packaging BV in an all-cash deal from Bencis Capital.
On 29 September 2017, JPFL announced that it had concluded the acquisition of Appledoorn Flexible Packaging Holding BV for a total consideration of EUR 86.9 million including customary adjustments. The acquisition was channeled through JPF Netherlands BV, a company owned 51% by JPLF with the balance 49% being owned by the BC Jindal
Group, the promoters of JPLF. The announcement also mentions that the requisite approvals and merger clearance have been obtained.

India-based JPFL is the world’s largest producer of BOPP Films forpackaging applications with a total manufacturing capacity of 466,000 MT per annum. It achieved this status through the acquisition of the BOPP Film business of ExxonMobil during 2012–13 for around US$ 235 million (this was one of the largest takeovers in the global flexible packaging business). It also manufactures BOPET Films and its Nashik plant is the world’s largest singlelocation manufacturing facility for flexible packaging films. Its overseas BOPP Film plants include 3 facilities in Europe and 2 in the USA; it also owns the film operations of Rexor in France. In 2016–17, the Flexible Films operations of JPFL generated a gross revenue of INR 2,613.42 crore (approximately EUR 346 million) and earned a PAT of INR 113.61 crore (approximately EUR 14.9 million).

Apeldoorn is based in the Netherlands and specializes in the manufacture of 15 micron to 200 micron thick flexible co-extruded plastic films using multi-layered blown and cast film technologies. It also has in-house flexo printing capability of up to 8 colors. It holds a premium market position in the load security films (stretch films) business and also
supplies films for bread and cheese packaging and technical films for industrial and automotive applications. It has 220 employees and was originally set up in 1968 as a joint venture between Van Gelder Papier and Crown Zellerbachn Inc. It was sold to Borden
Inc. in 1982. It was bought over by AEP in 1996 and finally acquired by Bencis Capital in 2014. Its annual revenue for 2016 was EUR 111 million.

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