Finnish packaging specialist Walki Group has agreed to acquire 100% of the shares of Plastiroll Oy, a Finland-based sustainable packaging material producer.
The transaction was announced 23 May, but financial terms were not disclosed.
Walki expects the acquisition to “significantly broaden” its offering of sustainable packaging materials including compostable bags, films and recyclable dispersion coated fibre-based packaging, according to Leif Frilund, president and CEO of Walki.
Plastiroll manufactures biodegradable bags and films, as well as compostable films, under the brands Bioska and Hauska. In addition, the company has also extrusion coating and printing capabilities.
With two manufacturing facilities in Ylöjärvi, near Tampere, Finland, Plastiroll generates sales of around €31m per year.
Describing the deal as a win-win situation, Plastiroll’s CEO Kari Laukkanen commented that with Walki, Plastiroll 'becomes part of a significant international packaging materials company'.
“This will enable further international growth,” she said.
Based in Espoo, Finland, Walki Group is a leading manufacturer of technical laminates and protective packaging materials.
The company has production facilities in Finland, Germany, the Netherlands, Poland, the UK and Russia. The group’s annual turnover was €317 million in the year 2018.