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| Blackstone Group Company, Graham Packaging acquires 22% stake in PPI Blowpack |
| Announcement / Corporate Aug 13, 2009, 19:59 IST |
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Graham Packaging, a Blackstone Group Company and a world leader in packaging, has acquired 22% stake for an undisclosed amount in PPI Blowpack, a leading Indian manufacturer of plastic containers.
PPI Blowpack manufactures recyclable rigid plastic containers for the food, pharmaceutical, chemical and FMCG markets and has sophisticated manufacturing facilities in Daman, Haridwar and Umbergaon. Its clients include many blue chip companies like Heinz, Castrol, BASF, Monsanto, Cadbury, DuPont, Glenmark and Shalimar.
Based in York, Pennsylvania, Graham Packaging is a worldwide leader in the design, manufacture and sale of technology-based, customized blow-molded plastic containers for the branded food and beverage, household, personal care/specialty, and automotive lubricants product categories. It produces more than 20 billion container units annually at 82 plants in North America, Europe and South America and had sales of $2.58 billion (approx. Rs 12400 crores) in 2008.
Ashok Sudan, Executive Vice President & General Manager, Graham Packaging said, “This is an important step in the expansion of Graham Packaging’s global reach”. He added, “India is a vibrant growth market in which we are excited about participating. We believe that aligning with a customer-focused company like PPI Blowpack is the beginning of great success story.”
Puneet Deora, Managing Director, PPI Blowpack said, “Graham Packaging is a global leader serving a large number of the world’s leading branded consumer product companies, many of whom have a presence in India. PPI Blowpack will benefit immensely from this association and looks forward to rapid growth.”
PPI Blowpack belongs to the Deoras Group of Companies (www.deorasgroup.com) which has interests in packaging, education and real estate.
One World Resources acted as the sole financial advisor to PPI Blowpack in this transaction.
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