The transaction is expected to be completed by the end of August.
The Australian owned packaging company announced that it has reached agreement with United States-based Novolex to purchase the Heshan Innopak Co. Ltd assets and business. Innopak manufactures a range of food wraps, paper takeaway, carry and industrial bags and food cartons in its facility in Heshan, Guangdong, China.
Detmold Group has been operating in China for over 20 years, employing over 800 people and operating a manufacturing facility in the Heshan, China. Detmold Group will take over the Innopak operations and continue to manufacture at both sites ensuring all customers receive a seamless transition. All Innopak staff will be offered employment by Detmold on comparable terms, including local Innopak management.
Detmold Group chief executive officer Mr Alf Ianniello said, “We are pleased to announce this acquisition, which is an important step in our continued growth in the China market. Detmold Group’s global customers will also benefit from the additional capacity and capability that this manufacturing expansion brings to our organization. We hope that all of Innopak’s 120 staff take up our offer to continue their careers with the Detmold Group.”
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