STAMFORD, CONN (April 9, 2:10 p.m. ET) — AGI-Shorewood has acquired the outstanding minority interest in its Mexican subsidiary Shorewood de Mexico.
Shorewood de Mexico is now a wholly-owned subsidiary of AGI's international division.
AGI, a specialty packaging manufacturer based in Stamford, announced the acquisition April 9, citing a growing Latin American market and the need to expand capabilities and capacity in the region.
Prior to the acquisition, Shorewood de Mexico was a joint venture between AGI and Corporativo Cartograf SA de CV, established in 2008 to serve AGI's Latin American customers.
Shorewood de Mexico has an ISO-9002-certified facility located in Aguascalientes that is equipped with offset lithographic and rotogravure presses, as well as finishing equipment. The plant manufactures packaging for beauty and personal, confectionary, health care and tobacco markets.
Corporativo Cartograf owned the plant prior to the acquisition. The company will move operations from the plant over the next 15 months as AGI takes ownership of the location.
AGI plans to expand operations at the facility and to hire approximately 400 Corporativo Cartograf employees.
AGI-Shorewood, which comprises AGI-Shorewood US and AGI-Shorewood International, specializes in custom packaging for consumer products companies. They employ approximately 4,000 people worldwide at 22 manufacturing facilities and eight creative services offices.