The packaging company Paccor has agreed to take over Miko Pac, the packaging division of the Belgian company Miko.
Miko Pac develops and produces plastic packaging solutions for products such as ready meals, ice cream and margarine.
The plastic packaging business has production facilities in Belgium, Poland and Indonesia as well as sales offices in Germany and France.
Germany-based Paccor says the acquisition will strengthen its position in the injection molding space, while Miko Pac’s plant in Indonesia will also help expand its international reach.
In addition to injection molding, Miko Pac is said to be a specialist in deep drawing and in-mold labeling.
The company will be integrated into Paccor and operational management will remain in the hands of managing directors Kristof Michielsen and Karl Hermans.
“After the acquisition of EDV Packaging Solutions in 2019, the takeover of Miko Pac is the next logical step in the implementation of our long-term business strategy and fits in perfectly with our defined M&A strategy,” said Andreas Schütte, CEO of Paccor.
“With this acquisition, Paccor will be aligned even more closely to growth in this promising business area,” added Schütte.
Frans Van Tilborg, CEO of Miko, said: “After years of successful growth we now see Paccor as the perfect partner and owner to drive the business forward and further globalize its market position.”
The acquisition is expected to be completed in the second quarter of this year after approval by the competition authorities. The financial terms of the deal were not disclosed.