Wednesday, Apr 13, 2005
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By Our Staff Correspondent
MUMBAI, APRIL 12. Essel Propack, the world's largest laminated tubes manufacturer, has acquired 100 per cent stake in Telcon Packaging of the U.K. for an undisclosed sum. Telcon is one of the two manufacturers of laminated tubes in the U.K. and has a 12 per cent market share. Ashok Goel, Vice Chairman and Managing Director of Essel Propack said, "The acquisition of Telcon Packaging is a continuation of our slated strategic intent for Europe and Americas.'' With this acquisition, Essel Propack will now possess the knowledge of the two prevalent technologies for making laminated tubes. Moreover, Essel Propack will take advantage of its strong global relationships with major customers to optimise the spare production capacity of Telecon Packaging. This strategic move provides Essel with a local manufacturing base in the U.K., which in turn will strengthen Essel's position for winning major contracts in the U.K. and Europe.
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