IPL Plastics Inc. (IPLP) has announced the signing of a share purchase agreement to acquire Belgian manufacturer of plastic packaging Loomans Group NV for a total consideration of $85.5m (€75.3m).
The Quebec, Montreal-based injection moulder said in a 15 March statement that it expects to close the deal by the end of the month.
Based in Lommel, Belgium, Loomans posted earnings of $11.1m (€9.7m) in 2018 and will be integrated into IPLP's consumer packaging solutions business in Europe.
“Loomans is an impressive, single site tooling and plastics manufacturing business, with significant in-mould labelling expertise, operating for over 50 years,” said IPL regarding the acquisition.
IPLP, formerly One51, recently relocated its headquarters from Dublin to Montreal. According to the company, the purchase of Loomans is consistent with its “acquisition strategy”.
“It diversifies the group's geographic footprint, adding new capacity and capabilities to serve a broader customer base such as the cosmetic/personal care and beverage sectors in the consumer space,” IPLP said.