Israeli housewares producer Keter Plastic Group has acquired rival Allibert Group.
Allibert, based in Voreppe, France, had sales of more than US$130 million last year. It runs six injection molding and vacuum forming facilities in France and Belgium producing bathroom accessories, household storage containers and custom thermoformed products. It also has several distribution centers.
Keter's Dec. 22 announcement of the deal capped several months of speculation that Keter was negotiating with Allibert owner JP Morgan Partners LLC. Keter paid about US$22 million for Allibert and assumes $38 million in debt.
Keter owner Sami Sagol said Allibert strengthens Keter's operating base and broadens his firm's business platform in Europe. It also could open new distribution channels.
With the acquisition, Keter expects its sales will reach US$600 million next year, widening its lead as the major plastic housewares producer in Europe. The Herzliya, Israel, firm estimates it is among the top three such companies in the world, with 24 manufacturing plants around the world.
Keter, meanwhile, plans to expand in Carmiel, Israel, where it already runs four production plants and employs 500, according to the Globes financial newspaper in Israel. Keter bought buildings with 231,000 square feet of floor space on a 29-acre site.
In other news, Keter subsidiary Home Design Products of Alexandria, Ind., bought a 150,000-square-foot plant in Anderson, Ind.