China: RPC expands into Asia with ACE acquisition
According to media sources, RPC Group, an international rigid plastic packaging supplier, is acquiring the large Chinese injection moulding firm ACE Corp. Holdings Ltd.
The deal, worth up to $430 million, will be RPC's first manufacturing presence in Asia and one which the company hopes to be able to use as a platform to make further acquisitions.
Currently 94% of RPC’s $1.76 billion sales are in Europe, but the company noted that Asia’s rigid plastic packaging markets will have the world’s fastest growth, averaging 9.8% a year through 2018, compared with 2.7% in Europe.
Pim Vervaat, CEO of PRC, said: "Our customers have been asking us for a long time to go into China. There is a clear indication that this acquisition will open doors and we can follow customers."
Mr Vervaat added that ACE would continue to operate as a independent business led by CEO Jack Yeung.
Source: Plastics News / Food Navigator Asia