Business News
Taghleef Industries acquire Radici Film
Monday 19. May 2008 - Perfect fit and commitment
Taghleef Industries (TI), a leading manufacturer of high quality packaging films and part of the Al Ghurair group of companies of the United Arab Emirates, announced, during a press briefing at Interpack today, their merger with Radici Film – a highly successful and leading European BOPP producer.
TI, headquartered in Dubai, own three production sites in the United Arab Emirates, Oman and Egypt, holds 50% equity in Shorko Australia and operate a dedicated warehousing and distribution centre in Germany. TI manufacture BOPP and CPP films to the highest quality assurance standards, complying with strict environmental, safety and hygiene norms. Tis new production line in Oman with a capacity of 35,000 tpa is coming on stream later this year.
Radici Film are a leading European manufacturer of BOPP packaging films and the only one operating production sites in both Western Europe (Italy) and in Eastern Europe (Hungary). Since their establishment in 1989 the company has successfully positioned itself as an innovative player in the market offering value added and specialty film products to its customers.
TIs merger with Radici Film is a friendly takeover, as both companies realise the strategic opportunities their combined markets and resources will offer to their customers. TI and Radici Film expect to integrate their activities over a period of twelve months.
In addition to market expansion in an environment of increasing capacity in the Middle East and Asian markets, TI recognise Radici Films strong technical capabilities as a key factor for the acquisition.
“Radici Films expertise, their strong technical and product development capabilities and their locations will benefit all our customers around the globe. TI are going global and we need to make our products available locally, regionally and globally to serve all of our customers needs worldwide” commented Rashid Al Ghurair, Chairman of Ti.
With this acquisition, TI emerge as one of the largest manufacturers of BOPP films in the world with a combined annual film production capacity approximating 290,000 tons. With the objective of serving its growing export markets, Ti have in the pipeline plans of further addition to its capacity.
According to Dr. Detlef Schuhmann, TIs CEO, customers of Radici Film will benefit through the merger, as TI have better access to raw material capacity, a problem that many western competitors are facing today. The world-wide shift of the petrochemical industry into the Middle East will make the region a global production hub for polymers and plastics.
“Two committed industry players with proven track-records join forces today. The match between Ti and Radici Film is a promising one and will create a new growth dynamic for all involved,” concluded Valerio Garzitto, Chief Executive Officer of Radici Film.