RKW SE, a Germany-based films and flexible packaging group, has announced it has acquired Belgium’s Hyplast NV.
The company will now operate under the name RKW Hyplast NV.
Hyplast, based in Hoogstraten, Belgium, will be a part of RKW Agri, a subsidiary of RKW that concentrates on its agricultural business.
“This acquisition creates a leading contender in the European plastic agricultural business. We look forward to a highly successful future,” said Paul Leenders, CEO of Hyplast.
Roland Roth, CEO of RKW Group said: “Due to the perfect fit, we expect high synergies and we will significantly strengthen our strategic position”.
Included in the purchase is the recycling company KPR as well as an office in South Carolina, which oversees marketing and sales of products for the North American market.
Hyplast reported sales of approximately 74 million euros ($102.2 million) in 2013 and employed 135. RKW employs 3,000 people and generated sales of 860 million euros ($1.18 billion) in 2013.