A French investment firm has finalized a deal to buy CSP Technologies Inc., an Auburn, Ala., company that makes specialty plastics packaging.
Paris-based Wendel Group announced Jan. 30 that it invested $198 million for a 98 percent stake in CSP Technologies.
The deal comes less than a month after Wendel bought Constantia Flexibles GmbH, one of Europe's largest flexible packaging companies.
CSP Technologies is headquartered in Auburn and has manufacturing facilities in Niederbronn, France. The company has more than 400 employees, with 300 based in the United States. It expects to generate more than $100 million in 2014 sales, with a free cash flow of about $26 million, according to Wendel.
CSP serves the healthcare, food and beverage markets, and claims to be the global leader in the production of vials for the diabetes test strips. Its products include Activ-Polymer desiccant polymers, and protective packaging that extends the stability and shelf life of products.
Wendel Chairman Frederic Lemoine said North America will become a focus for future investments. The company opened an office in New York last year.
“After the recent acquisition of Constantia Flexibles in Europe and several investments in Africa, Wendel is now placing a strong priority on North America, continuing on its 2013-2017 objective of investing 2 billion euros globally,” Lemoine said in a news release.
John Belfance, CEO of CSP Technologies, said Wendel is a good partner, citing the investment firm's long-term focus and 300-year track record with manufacturing companies.