Chemical and consumer goods company Henkel has submitted a 'binding offer' to acquire sealants firm Darex Packaging Technologies for $1.05 billion.
Massachusetts-based Darex produces high-performance sealants and coatings for metal packaging. Its main clients are international customers producing beverage, food and aerosol cans.
One of its milestones was the creation of the first can sealants, which would replace lead solder, in 1921.
In 2016, the company had sales of roughly $300 million, with 700 employees and 20 sites situated throughout 19 countries.
Henkel CEO Hans Van Bylen commented on the proposed deal, “The intended transaction is in line with our strategy to strengthen our portfolio through targeted acquisitions and would reinforce the position of our Adhesive Technologies business as a global market and technology leader."
The company's Adhesive Technologies business unit had sales of approximately €9 billion in 2016.
Henkel said that Darex's parent company, GCP Applied Technologies, will start a consultation process with the appropriate works councils and labour union authorities regarding the proposed acquisition.
The deal is also subject to standard closing conditions, including regulatory approvals.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: The European Supermarket Magazine.
