Sanjay Kapote, CEO of Manjushree Technopack said, “The acquisition announced today is in line with our strategy to grow and diversify our business. Acquiring the B2B business from Pearl Polymers will allow us to consolidate our leadership position in the rigid packaging sector. We expect seamless integration of the acquired business with the rest of the MTL group given the success we have achieved in our acquisitions to date.”
MTL was advised by Khaitan & Co on this deal while Pearl Polymers was advised by JSA with EY as its exclusive financial advisors. “The proposed acquisition is in line with our aggressive inorganic growth plans. We aspire to be the employer and partner of choice, we will continue delivering deep value for our customers, post consummation of the transaction,” Kapote added.
Chand Seth, CMD of Pearl Polymers said, “As a pioneer, our company has been instrumental in creating a market for PET packaging in India. With our customer spread across India and in every segment of the market, we believe that this acquisition will bring great value. It will allow us to focus and grow our renowned PearlPET brand to new levels. We expect to launch many new product lines in the future.”
The Bengaluru-based rigid packaging specialist MTL has a converting capacity of over 175,000 MT of plastics to films, bottles, containers PET preforms and more recently recycled resins. While Pearl Polymers has a production capacity of over 100 machines that enable the firm to cater to a range of fields such as pharma, food and liquor among others.
With the consummation of the proposed transaction, MTL will have access to four of Pearl Polymers’ production units, enabling the company to serve the New Delhi-based firm’s existing customer base which includes marquee clientele in the FMCG, liquor and pharma segments. “Our clients will continue to receive the same high-quality services that they have come to expect for the last 36 years,” said Seth.
“The combination of our technological strength, product 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,” Kapote concluded.