Coexpan, the rigid sheet and thermoformed products division of Madrid-based packaging company Grupo Lantero, has purchased the thermoforming operations of BO Packaging of Santiago, Chile.
BO Packaging will retain its flexible packaging and poly-coated paper operations in Brazil and Peru.
Coexpan's Chilean subsidiary, Coexpan Coembal Chile, bought the thermoforming business. Terms were not disclosed.
Coexpan officials said the deal allows the company to maintain its position as a leading player in packaging for the food industry while running three plants, with locations in Chile, Brazil and Mexico. The company extrudes and thermoforms packaging from polystyrene, polypropylene, PET and polylactic acid.
Coexpan Coembal's plant in Chile manufactures products for fresh foods, dairy products, personal care, household products and other markets.
Companywide, Coexpan runs 13 plants in eight countries: Spain, France, Germany. Italy, Russia, Chile, Brazil and Mexico. Coexpan has annual sales of more than 350 million euros ($397 million). Major markets are food and industrial packaging.