Manjushree Technopack acquires Pearl Polymers

Through this deal Pearl Polymer volition focus and abound the well-known PearlPET brand to new levels and expects to launch new product lines in future. Photo - Pearl Polymer

Bangaluru based Manjushree Technopack (MTL), India's largest rigid plastics packaging company backed past Advent International, announced inbound into a Business Transfer Understanding with Pearl Polymers to learn commercial operations and manufacturing facilities of their B2B vertical. This transaction is subject to customary closing weather condition and regulatory approvals.

Co-ordinate to the press release, Manjushree was advised by Khaitan on this bargain while Pearl Polymers was advised by JSA. Ernst & Immature Global (EY) was the exclusive financial advisor to Pearl Polymers.

With over 40 years of packaging expertise in Bharat, Manjushree Technopack fulfills the packaging requirements of the FMCG, food and beverage, home care, personal care, agrochemicals, pharmaceutical, liquor industries, and works with some of the biggest brands in these segments. These include Coca Cola, PepsiCo, Cadbury, GlaxoSmithKline, Procter & Take chances, Nestle, Heinz, Unilever, Tata Consumer Products, Marico, USL, Diageo, and many more. Manjushree has a manufacturing capacity of 1,75,000 MT per annum and a turnover of over Rs 1100 crore.

According to the press statement, Pearl Polymers' B2B business'due south proposed acquisition will assistance MTL consolidate their leadership position in the container segments while reinforcing its technical strength.

Sanjay Kapote, principal executive officer of Manjushree Technopack,

Sanjay Kapote, chief executive officer of Manjushree Technopack, said, "The acquisition announced is in line with our strategy to grow and diversify our business. Acquiring the B2B concern from Pearl Polymers will permit us to consolidate our leadership position in the rigid packaging sector. Nosotros expect a seamless integration of the acquired business with the rest of the MTL grouping given the success we have accomplished in our acquisitions to appointment. The proposed acquisition is in line with Manjushree'south aggressive inorganic growth plans. Manjushree aspires to be the employer and partner of pick, we volition continue delivering deep value for our customers, post consummation of the transaction."

"The combination of our technological strength, production range and geographical spread with Pearl Polymers' robust container business will help us deliver an extended containers portfolio and areas of expertise to our customers in the future," he added.

Chand Seth, chief managing director of Pearl Polymers, said – "Pearl polymers is the pioneer and was instrumental in creating the market place for PET packaging in Republic of india. With its customer spread across India and in every segment of the market, we believe that this acquisition will bring great value. Our clients will continue to receive the same loftier-quality services that they have come to await for the concluding 36 years. This deal will allow u.s.a. to focus and grow the well-known PearlPET brand to new levels. We expect to launch many new product lines in the futurity."

With the consummation of the proposed transaction, Manjushree will accept admission to four of Pearl Polymers' production units and serve Pearls' existing customer base, including marquee clientele in the FMCG, liquor, and pharma segments.

The pandemic consolidation

Pearl Polymers is a public visitor with shares listed on the Mumbai Stock Exchange. Over the last couple of years its share price has hovered around Rs 15. Information technology went upwards to Rs 21 last month (Baronial 2020) and is currently to a higher place Rs 18.

Its profitability has been under pressure for the past year with a turnover in most of these years around Rs 178 crore level and profits at either zero in FY 16 and FY 17 and losses of ane, 4 and 11 crores in the subsequent FY18, FY19 and FY20 respectively. The results in FY 2019-twenty has seen a marked driblet in turnover to Rs. 139 crore from the previous yr's Rs. 178 crore. While the company has stagnated for some years it is possible that the downturn in the economy since the pandemic and lockdown has accelerated its acquisition by a bigger histrion.

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Source: https://packagingsouthasia.com/application/manjushree-technopack/

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