NEW DELHI: Not content with making a mark on the media scene, Subhash Chandra is busy expanding his other businesses too.
Essel Propack, world's largest manufacturer of laminated tubes, has acquired the UK-based Arista Tubes, a leading manufacturer of plastic seamless tubes.
Essel Propack, having manufacturing facilities in 11 countries with 17 plants, completed the acquisition through Lamitube Technologies Limited, Mauritius, a wholly owned subsidiary of Essel Propack.
Essel Propack, at present, has a plastic seamless tubes plant at Wada, India. With this acquisition, Essel Propack, which has 30 per cent global market share in laminated tubes, has begun its consolidation of seamless plastic tubes business in global arena.
Announcing the acquisition in London, Essel Propack vice-chairman and MD Ashok Goel said a few hours ago, "More than the acquisition of Arista Tubes, I term this as an acquisition of knowledge in plastic tubes technology, entry into new markets and new opportunities. This, indeed, is a quantum leap for Essel Propack, aimed at broadening our market offering which will infuse an accelerated growth."
Dwelling on the logic behind the acquisition, Essel Propack COO R Chandrasekhar said, "Arista Tubes is a perfect match. The two organisations have complementing strength vis-à-vis the knowledge of technology and products manufactured. Global reach of Essel Propack coupled with Arista Tubes' knowledge will make us a force to reckon with in the plastic tubes business as well in the global arena."
Arista Tubes, UK, founded in 1998, manufactures plastic seamless tubes for cosmetics, personal care, toiletries and pharmaceutical segments. The company has 30 per cent market share in the UK and Ireland and caters to the speciality packaging needs of globally reputed cosmetics, personal care and pharmaceuticals majors in Europe. The Company has an integrated manufacturing facility at Stevenage, located 30 miles north of London.
Rabo India Finance Private Limited, Mumbai, Deloitte Haskins & Sells, Mumbai, and ANS Law Associates, Mumbai were an integral part of the acquisition team.
