JPF Netherlands BV, the holding company of Jindal Films Europe, has signed an agreement to acquire 100% of shares in Italy-based nylon film specialist Domo Films Solutions (DFS) from the privately owned Domo Chemicals group. DFS is a major European producer of nylon films (both biax-oriented BOPA and cast extruded CPA) for flexible packaging in food, pharmaceutical, medical, and other industrial applications. Jindal Films has its European headquarters in Windhof, Luxembourg.
The acquisition will boost Jindal Films’ know-how, capabilities, and presence in the pharma, medical, and other-high end flexible packaging segments, said the press release. By combining the BOPA and cast extruded CPA nylon films portfolio with the existing array of polyolefin-based films, the group will expand its range of plastic films for the global flexible packaging converting value chain, said Jindal.
“As an established European player in both BOPA and CPA films, [DFS] will perfectly complement our existing European footprint and capabilities,” said Manfred Kaufmann, CEO of Jindal Films Europe. “Together we will continue to serve the European and global flexible packaging industry.”
The further development of sustainable materials also will benefit from the deal. “We believe that Jindal Films is the right successor to further develop a sustainable future for DFS in the flexible packaging industry and its customers,” said Domo CEO Yves Bonte, calling it a “logical step for Domo to concentrate in its competence area of polymers and engineered materials.”
“Combining the two companies’ leadership in sustainability will enable the Jindal Group to stay ahead of customer and regulator expectations even more effectively, further minimizing its environmental impact,” said Attilio Annoni, Managing Director of DFS. As examples of the sustainability advantages facilitated by the deal, Annoni cited a progressive reduction of the carbon footprint, 100% sourcing of renewable energy, and development of up-stream chemical recycling of nylon resins for its green product range Nyleen.
Subject to regulatory approvals, the deal is expected to close near the end of Q1 2021. Financial details were not disclosed.