India’s Jindal Poly Films to purchase ExxonMobil’s BOPP business

07 May 2013 00:06  [Source: ICIS news]

HOUSTON (ICIS)--India-based Jindal Poly Films has agreed to purchase US oil and chemical giant ExxonMobil’s global biaxially oriented polypropylene (BOPP) film business, Jindal Poly Films said on Monday.

The deal is valued at $235m (€179m) and should close by the end of July, Jindal Poly Films said in a press release.

The two companies agreed to the framework of the deal in October 2012 and signed a sales agreement on 3 May 2013, the New Delhi-headquartered flexible packaging films producer said.

Five BOPP production locations in the US and Europe are included in the deal – manufacturing sites in George and Oklahoma in the US, as well as in Italy, the Netherlands and Belgium in Europe.

Also included are a technology centre and sales office in Rochester, New York, and an office in Luxembourg.

The acquisition will increase Jindal Poly Films’ global combined BOPP capacity to about 445,000 tons/year, according to the company.

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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