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European packing major Guala Closures acquires Axiom Propack

Press Trust of India  |  Mumbai 

The Luxembourg-headquartered Guala Closures, a world leader in high-tech and innovative packaging, has signed an agreement to fully acquire the Karnataka-based Axiom Propack for an undisclosed sum.

The deal, which is slated to close within three months, is expected to help the Italian company fortify its position in packaging that cannot be counterfeited here.

Axiom has some high-tech closures or packaging for the alco-beverages segment where the brand owners face significant risks of counterfeiting and this has prompted Guala to acquire the domestic company and integrate its products into their global portfolio, the companies said in a statement.

While the Mumbai-based investment bank Singhi Advisors and Walter Advisors advised Axiom for the deal, Cross Border M&A, KPMG and TTA Advocates represented Guala.

The 500-million euros Guala is a global leader in the production of safety, roll-on and luxury closures for spirits, wines, oil and vinegar, water and beverages and drugs.

Axiom, which mainly caters to the IMFL market, manufactures high-tech safety closures that are tamper-proof, non-refillable and leak-proof.


Ducati India elevates Sergi Garriga as MD

Mumbai: Italian sports bikes maker Ducati today announced a new management for its India operations with a new managing director Sergi Canovas Garriga.

The decision comes after the parent company decided to move the incumbent Ravi Avalur to an international role after four years of heading the operations here, the company said in a statement.

The 44-year-old Spaniard Garriga, currently Ducati India sales director, will assume the new role shortly and will report directly to Marco Biondi, Ducati Asia director.

Garriga began with sales & marketing at the Piaggio Group in Spain and then in Indonesia and Vietnam. He joined Ducati early this year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 07 2017. 19:49 IST