27 July 1998 00:00 [Source: ICB]
Applied Extrusion Technologies (AET) is set to buy Montell's European and Australian polypropylene (PP) film business for $220m.
AET has signed a letter of intent to buy production plants at Terni, Battipaglia, San Gimignano and Lamezia in Italy; Liege in Belgium; Brantham in the UK; and Wodonga in Australia. The business to be bought operates under Moplefan and Shorko names and had 1997 sales of $200m.
After completing the acquisition, AET will have over 250 000 tonne/year of PP films capacity, doubling its existing capacity.
###6756###Montell's chief executive officer, Peter Vogtländer, said: 'We carefully studied this divestment opportunity and decided that in light of the global restructuring taking place in the film industry, there was a better future for our downstream film business when it is combined with AET's film activites.' AET has increased its capacity of OPP film production by 41 000 tonne/year in the past two years and opened a ten-metre-wide production line in Q2 1998.
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