Texen owner PSB Industries to acquire Quadpack

PSB Industries, the parent company of Texen, has reached an agreement to acquire Quadpack.

Quadpack said the merger will not initially involve any changes to the company, which will remain as independent entities.

Francois-Xavier Entremont, chairman and CEO of PSB Industries, said,"The new group will be able to accelerate the development of its combined expertise and eco-design commitment to serve the beauty market, brands and consumers with greater strength. With this transaction, we will consolidate our leading position in the transformation of materials and packaging for the cosmetics, skincare and fragrance markets."

Tim Eaves, co-founder and chairman of Quadpack, said: "This strategic alliance will enable us to achieve growth through global customer channels, an expanded industrial footprint and an increased innovation and collaboration perspective."

The transaction will form a company with operations in the Americas, Europe and Asia, with a total sales of $381 million.

The acquisition is expected to be completed in September or October this year.