BY Richard Summerfield
Swiss packaging company SIG Combibloc has agreed to acquire Scholle IPN, one of the leading innovators of sustainable packaging systems and solutions for liquids, in a deal worth €1.36bn.
The transaction, which has an equity value of €1.05bn, will be funded through 33.75 million SIG shares issued from existing authorised capital and €370m in cash. The existing debt of Scholle IPN will be refinanced once the deal completes. The transaction is expected to close before the end of the third quarter of 2022, subject to customary closing conditions.
“The acquisition of Scholle IPN cements SIG’s position as a global leader in innovative and sustainable packaging for food and beverages,” said Samuel Sigrist, chief executive of SIG. “It is consistent with our strategy of geographic and category expansion accompanied by share gains in key markets. By delivering clear benefits for customers, consumers, and the environment, we will drive value for shareholders.”
“This combination is compelling for our customers, who will benefit from our capabilities and expertise in the liquid packaging industry,” said Laurens Last, chairman and owner of Scholle IPN. “I am excited about the future of the combined business, and I look forward to our joint innovation, with SIG further developing packaging substrates and solutions that are at the forefront of sustainability.”
Ross Bushnell, president and chief executive of Scholle IPN, will continue to lead the legacy Scholle IPN business and will join SIG’s group executive board upon close of the transaction.
“SIG and Scholle IPN are highly complementary businesses in terms of market approach and the importance of sustainability of our products,” said Mr Bushnell. “I believe that the combination of entrepreneurial spirit, nimble market response, and shared R&D capabilities will enable us to accelerate innovations for our customers and cement our collective market leadership in sustainable packaging solutions – particularly across aseptic and mono-material offerings which are key to packaging for the circular economy.”
Once combined, the new company will employ nearly 8000 people in 69 sales and manufacturing sites across the globe. The team will service customers across six continents. Their shared technology and R&D capabilities in renewable paper substrates, film extrusion, injection moulding, and filling equipment are backed by an industry 4.0 manufacturing mindset and a drive to become the world’s leading sustainable packaging partner.
News: SIG Combibloc acquires bag-in-box maker Scholle IPN in $1.53 bln deal