Graham Packaging Finalizes Minority Ownership in PPI Blowpack Pvt. Ltd. in Mumbai, India
YORK, Pa., Aug. 12 /PRNewswire/ -- Graham Packaging Company, L.P., and PPI Blowpack Pvt. Ltd., have formally consummated a transaction giving Graham Packaging a minority ownership interest in the Indian container manufacturing company based in Mumbai. No terms of the transaction were announced. The new company will be called Graham Blowpack Pvt. Ltd.
Ashok Sudan, Graham Packaging's executive vice president and general manager, welcomed the signing of the finalized agreement as an important step in the expansion of Graham Packaging's global reach.
"India is a vibrant growth market in which we are excited about participating," Sudan said. "We believe that aligning with a forward-looking, customer-focused company like PPI Blowpack is the beginning of great success story."
Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the design, manufacture, and sale of technology-based, customized blow-molded plastic containers for the branded food and beverage, household, personal care/specialty, and automotive lubricants product categories. It operates 28 facilities outside the United States and has a strong presence in both Europe and South America.
The two companies originally announced a tentative deal in February. Executives in both organizations described it as an advantageous match of Graham Packaging's blowmolding technology, design strengths, and focus on quality and PPI Blowpack's market knowledge, strong management, and technical capabilities.
Kapil Gami, business development manager for Graham Packaging, and Puneet Deora, managing director of PPI Blowpack, emphasized that the companies were highly compatible in terms of shared vision, commitment to quality, and customer focus.
PPI Blowpack, which has been in business since 1972, produces rigid plastic containers for the food, pharmaceutical, chemical, and fast-moving consumer goods markets in India. It is a part of the Deora's Group of Companies, which is focused on the packaging solutions business and education, with some interests in real estate as well. "The partnership with Graham Packaging signifies an important step for the group to become a leader in the rigid plastic packaging business," Deora said.
One World Resources acted as the exclusive financial advisor to PPI Blowpack in the transaction.
Graham Packaging has an extensive blue-chip customer base that includes many of the world's largest branded consumer products companies. It produces more than 20 billion container units annually at 82 plants in North America, Europe, and South America, and had sales of $2.58 billion in 2008.
The company is a leading U.S. supplier of plastic containers for hot-fill juice and juice drinks, sports drinks, drinkable yogurt and smoothies, nutritional supplements, wide-mouth food, dressings, condiments, and beers; the leading global supplier of plastic containers for yogurt drinks; a leading supplier of plastic containers for liquid fabric care products, dish care products, and hard-surface cleaners; the leading supplier in the U.S., Canada, and Brazil of one-quart/one-liter plastic motor oil containers; and a leading supplier of bottles for personal care products.
The Blackstone Group of New York is the majority owner of Graham Packaging.
SOURCE Graham Packaging Company, L.P.