Techpack, formerly known as Madeco, to purchase Chile-based flexible packaging producer HYC Packaging for US$34.3M; transaction will be carried out by company's flexible packaging unit Alusa

SOFIA, Bulgaria , June 11, 2014 () – Chilean packaging manufacturer Techpack (SCL:MADECO), formerly known as Madeco, Tuesday said it had agreed to acquire local flexible packaging producer HYC Packaging for USD 34.3 million (EUR 25.3m).

The transaction will be carried out via its flexible packaging unit Alusa SA and is in line with Techpack's expansion plan announced at the shareholders' meeting in April, CEO Claudio Ingles said. The purchase will be financed with the funds from a USD-200-million capital hike which will be carried out in the next few months.

Thanks to the acquisition, Alusa will consolidate its leadership positions in the flexible packaging segment in South America. The company produces 80,000 tonnes of packaging a year at its plants in Argentina, Peru, Colombia and Chile.

Techpack is controlled by the Chilean Luksic family.

(USD 1 = EUR 0.739)

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.