Austrian flexible packaging company Constantia Flexibles is on the acquisition trail. The company recently entered into a binding agreement to acquire a majority stake in a Russian packaging firm,TT-print.
In a Jan. 21 announcement, Constantia said its acquisition of TT-print, a Moscow-based packaging supplier for the pharma and food industries, with a production base in Voskresensk is expected to close in the first quarter of 2019.
Constantia said the acquisition follows “more than a decade of successful cooperation between the two companies.”
Established in 1999, TT-print's production focus is on packaging solutions for the pharmaceutical industry.
"The company does not produce plastic packaging but is able to print on diverse substrates including plastic films," Constantia explained to PNE in a written statement.
TT-print also prints on diverse types of laminates for the needs of pharmaceutical and consumer packaging customers.
“With this acquisition we will be taking a leading position in the Russian pharma packaging industry. It requires local presence to serve the rapidly growing Russian packaging market,” said Constantia CEO Alexander Baumgartner.
The recent investment is aligned with the Austrian packaging expert's strategy to expand its market presence and stay close to its customers, particularly in the pharma industry in Russia and neighboring countries.