Taghleef Industries takes over Radici Film
TI's merger with Radici Film is a friendly takeover, as both companies realise the strategic opportunities their combined markets and resources will offer to their customers. TI and Radici Film expect to integrate their activities over a period of twelve months.
TI, headquartered in Dubai, owns three production sites in the UAE, Oman and Egypt.
Taghleef holds a 50 per cent equity in Shorko Australia and operates a dedicated warehousing and distribution centre in Germany.
TI manufacture BOPP and CPP films to the highest quality assurance standards, complying with strict environmental, safety and hygiene norms.
TI's new production unit in Oman with a capacity of 35,000tpa is coming on stream later this year.
Radici Film is a leading European manufacturer of BOPP packaging films and the only one operating production sites in both Western Europe (Italy) and in Eastern Europe (Hungary).
Since its establishment in 1989 the company has successfully positioned itself as an innovative player in the market offering value added and specialty film products to its customers.
In addition to market expansion in an environment of increasing capacity in the Middle East and Asian markets, Taghleef recognises Radici Film's strong technical capabilities as a key factor for the acquisition.
Rashid Al Ghurair, Chairman of TI said: "Radici Film's expertise, their strong technical and product development capabilities and their locations will benefit all our customers around the globe.
"TI are going global and we need to make our products available locally, regionally and globally to serve all of our customers' needs worldwide," he said.
With this acquisition, TI emerges as one of the largest manufacturers of BOPP films in the world with a combined annual film production capacity reaching 290,000 tonnes.
With the objective of serving its growing export markets, TI have in the pipeline plans of further addition to its capacity.
According to Dr Detlef Schuhmann, TI's CEO, customers of Radici Film will benefit through the merger, as TI have better access to raw material capacity, a problem that many western competitors are facing today.
The world-wide shift of the petrochemical industry into the Middle East will make the region a global production hub for polymers and plastics, he said.
Valerio Garzitto, Chief Executive Officer of Radici Film said: "Two committed industry players with proven track-records have joined forces today. The match between TI and Radici Film is a promising one and will create a new growth dynamic for all involved."