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One51 has completed the acquisition of a majority stake (67%) in the Canadian plastics company, IPL, after receiving the necessary regulatory clearances this week.
One51 has paid €201m for its majority stake in IPL but say the acquisition will significantly increase group revenues from €276m to €450m while also extending the company’s international reach.
IPL was founded in 1939 and operates five production facilities located in Canada and the US. The company manufactures over 400 types of plastic products including wheelie bins for the North American market and the business has significant overlap with One51’s own plastics division, which already has operations in Ireland, the UK and China.
One51 already produces plastic containers for the agricultural and paint industries as well as manufacturing products for companies involved in the nutrition, pharma and tech sectors. However, his acquisition will enable One51 to further move into the food sector, as IPL already supplies food packaging to a number of major US food and beverage companies such as Proctor & Gamble, Kellogg’s and Kraft.
For One51, the acquisition provides synergies and cost savings, particularly when purchasing raw materials, while also allowing it to provide a broader product offering to customers.
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