RATINGEN, GERMANY — Schmalbach-Lubeca AG has completed the acquisition of Johnson Controls Inc.'s Plastic Container Division, North America's second-largest blow molder, for about $650 million.
The Ratingen firm claims the deal gives it a 15 percent global market share in PET packaging, making it the world leader.
``With this acquisition, we are strengthening our existing operations in Europe and adding value and management expertise in North America,'' said Hanno Fiedler, chairman and chief executive officer.
He expects PET operations to have sales of about $1 billion. The deal, which does not include Johnson Controls' Plastics Machinery Division or automotive parts business, will give Schmalbach-Lubeca $750 million in sales.
The Manchester, Mich.-based container unit will be known as Schmalbach-Lubeca Plastic Container U.S.A. Inc. The firm, which now has 40 plants in 15 countries, including its White Cap U.S.A and White Cap International divisions in Chicago, employs 3,000.
Schmalbach-Lubeca expects future PET applications in containers for specialty waters, beer, wine, fruit juices and baby food.