Mid-sized packaging firm Arrow Coated Products is looking to acquire Adept Polymers, a subsidiary of the UK-based Stanelco, a leading packaging specialist that makes bio-degradable plastics. Arrow Coated submitted a bid for Adept Polymers through Arrow Coated UK, its UK arm, last week.
The process is likely to be finalized by March-end. Adept Polymers is a developer and manufacturer of fully biodegradable plastics that combine water-soluble and non-toxic properties with much of the versatility and functionality of its traditional counterparts.
Arrow Coated has a marketing tie-up with Stanelco to market the latter’s product in the Indian market. Adept Polymers has been valued at over Rs. 20 crores.
Stanelco has decided to hive off Adept as the UK packaging firm is planning to focus on radio frequency welding technology. Besides Arrow UK, packaging companies from France, US and UK are bidding for Adept.
Last year, Bilcare, one of the leading pharma packaging companies in India, had acquired the UK-based clinical trials services provider DHP. Bilcare had acquired the US-based packaging and research firm ProClinical in 2005.
Read The Economic Times article.
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