Montreal — IPL Plastics Inc. will acquire Belgian manufacturer of plastic packaging Loomans Group NV for a total consideration of $85.5 million.
The Quebec-based injection molder said in a March 15 statement that it expects to close the deal by the end of the month.
Based in Lommel, Belgium, Loomans posted adjusted earnings before interest, tax, depreciation and amortization of $11.1 million in 2018 and will be integrated into IPL's consumer packaging solutions business in Europe.
“Loomans is an impressive, single site tooling and plastics manufacturing business, with significant in-mold labeling expertise, operating for over 50 years,” IPL stated.
IPL, formerly One51, recently relocated its headquarters from Dublin to Montreal. According to the company, the purchase of Loomans is consistent with its “acquisition strategy.”
“It diversifies the group's geographic footprint, adding new capacity and capabilities to serve a broader customer base such as the cosmetic/personal care and beverage sectors in the consumer space,” IPL said.