The recent acquisition of Max Speciality Films will give Toppan a bigger exposure to the growing Indian flexible packaging market, Daisuke Kaneuchi, chief representative of Toppan’s Indian branch office, told Packaging South Asia at the recently concluded PackEx India 2022.
Earlier this year, Toppan, which provides communication, security, packaging, décor materials, and electronics solutions, increased its stake to acquire a majority shareholding in Max Speciality Films, a leading Indian manufacturer of biaxially-oriented polypropylene (BOPP) films.
Max, headquartered in Punjab, has been an equity method associate of Toppan since 2017 when Toppan acquired a 49% stake. Post the additional stake purchase, the Japanese company now owns 90% of Max.
“Toppan was mostly a Japan-focused company till about a decade ago. In the last 10 years, we have ventured outside of our home market as the growth there has plateaued. We are looking to expand globally. Acquiring the controlling stake in Max Speciality Films will give Toppan a bigger exposure to the fast-growing Indian flexible packaging market. The scope for growth in India is tremendous,” Kaneuchi said.
Kaneuchi said the acquisition will support efforts to expand Toppan’s network for supplying recyclable mono-materials, to diverse customers in global markets, contributing to the creation of a sustainable society. Toppan operates a wide-ranging packaging business centered on GL Barrier, a transparent vapor-deposited barrier film that enjoys the leading share of its global market.
Barrier films in focus at PackEx 2022
Toppan and Max Speciality Films participated jointly for the first time in the PackEx India 2022 in Mumbai, presenting their high barrier films. Fusing Toppan’s barrier film and packaging businesses with Max’s production and marketing capabilities with extensive knowledge of the film sector and Indian landscape, the two companies showcased the Toppan GL Barrier films and packaging technologies.
Toppan presented its film products as well as barrier packaging materials in the form of microwavable packaging and paper-based composite containers. Max showcased their suitability for mono-material packaging, biodegradability, and outstanding barrier performance at the expo.
“We met many people from the packaging industry during PackEx India and tried to understand their needs. The interactions were great. The potential in the Indian market is huge. We had a good time at the expo,” Kaneuchi said.