By: EUROPEAN PLASTICS NEWS
January 3, 2014
Rigid packaging company Weener Plastic Packaging Group has taken full ownership of Weener Empire Plastics (WEPL), its operation in India which has seven factories in the country.
In a statement, Weener, Germany-based Weener said it had been a minority shareholder in WEPL for eight years, but it now owns 100 percent of the Indian company's shares after completing a transaction on Dec. 21.
WEPL molds plastic closures and containers for the personal care, food and pharmaceutical industry.
"This acquisition is aligned to our strategy of enhancing our footprint in the emerging markets. WEPL has performed well in the past years and we target to add to this growth further in the coming years," said Roel Zeevat, CEO of Weener Plastic Packaging.
WEPL's managing director A. B. Gupta and director Abhinav Gupta will keep their current positions and stay on the board of the Indian operations.