Essel Propack acquires UK-based Telcon Packaging

Essel Propack, through its Mauritius-based wholly-owned subsidiary, Lamitube Technologies, has acquired 100% stake in UK-based Telcon Packaging.

According to a release issued by Essel Propack to the BSE, Telcon Packaging, with 12% market share and Europe's leading focused laminated tube suppliers, is one of the two manufacturers of laminated tubes in UK.

Ashok Goel, vice chairman and managing director of Essel Propack, said: "The acquisition of Telcon Packaging is a continuation of our stated strategic intent for Europe and Americas. With this move, we have set our feet firmly in the UK market. We expect this step to result in further consolidation of laminated tubes manufacturing in Europe."

The strategic move provides the company with a local manufacturing base in UK, which, in turn, will strengthen the company's position for winning major contracts in UK and Europe.

"This acquisition can be termed as a major move towards the company's consolidation in Europe market," the release added.