Thermal lamination films manufacturer, Cosmo Films Ltd, has acquired the GBC Commercial Print Finish business of ACCO Brands Corporation of USA, through its Netherlands subsidiary, CF Holdings Ltd. BV for $17.1 million.
Cosmo Films has funded the acquisition through a combination of internal accruals, debt and a seller deferred payment note of $4 million. The acquisition is expected to establish Cosmo Films as a global player in the thermal lamination segment.
While Cosmo Films manufactures Bi-axially Oriented Polypropylene (BOPP) as well as thermal films, GBC Commercial Print Finishing is in business of lamination equipment and thermal films. GBC exports its products in Europe, North America, Japan and the Pacific Rim. Cosmo Films already exports thermal laminates to Europe and USA. The acquisition will also help it in strengthening its foothold in other parts of the world.
The company’s Netherlands subsidiary will handle GBC’s European operations. It will also be the holding company of the subsidiaries in Japan, USA, Singapore and Korea, which will handle GBC’s commercial print businesses in these regions. Cosmo Films claims to have global sales of $130 million.
Cosmo Films is promoted by Ashok Jaipuria and manufactures, co-extruded plain films, synthetic paper, extrusion coated films and water and solvent based coated films. It currently has plants in Aurangabad and Vadodara and is an ISO 9000 certified company. The company has planed a capital expenditure of Rs 120 crores to increase its BOPP film capacity to 1,26,000 MT from the current 91,000 MT