IPackChem Group—the manufacturer of innovative plastic packaging products (containers, bottles, jerrycans) for crop protection and specialty chemicals end markets—on Friday announced it has signed a definitive agreement to partner with Mullackal Polymers Pvt Ltd, a leading crop protection packaging provider in India, via an acquisition of the business.
While IPackChem has facilities across Europe, the UK, Russia, China, Brazil and South Africa, Mullackal has three facilities in western India where it manufactures HDPE and barrier plastic containers, caps and measuring cups for India’s crop protection and specialty chemical industry. The partnership with Mullackal will allow IPackChem to establish a strong presence in India’s large and high-growth market and position it for future expansion in the country.
JP Morvan, CEO of IPackChem, said, “By leveraging IPackChem’s sustainable barrier technology, Mullackal will be uniquely positioned to provide high-quality recyclable packaging for customers in India. Similarly, we expect to leverage Mullackal’s proprietary caps technology (CRTESS) across IPackChem’s existing product portfolio. This transaction is core to our strategy of being the leading global barrier packaging player serving crop protection and specialty chemicals customers.”
Ramesh Pillai, MD, Mullackal, added, “IPackChem is the perfect partner for Mullackal and we are excited to continue providing best-in-class packaging to India’s leading crop protection players with the added benefit of IPackChem’s resources and industry relationships.”
The transaction is expected to close towards the end of 2021. KPMG acted as exclusive M&A advisor and CK Juris and Pioneer Legal acted as legal counsel to IPackChem. EY acted as exclusive M&A advisor and Lumiere Law Partners acted as legal counsel to Mullackal.