Aseptic carton manufacturer SIG has announced that it has completed the acquisition of Scholle IPN.
The business became wholly consolidated within SIG from 1 June 2022.
As a result of the acquisition, Ross Bushnell, the former chief executive of Scholle IPN, has joined SIG’s group executive board as president of Scholle IPN, upon the completion of the deal.
About Scholle IPN
Scholle IPN is a supplier of packaging solutions for food and beverages, with retail, institutional and industrial customers.
The company reported adjusted EBITDA of nearly €90 million last year, as well asrevenue of around €474 million.
Commenting on the acquisition, Samuel Sigrist, chief executive officer of SIG said, “We are delighted to welcome Scholle IPN to the SIG family.
"Together, we are looking forward to pursuing additional growth opportunities and developing exciting innovations for the food and beverage industry in sustainable barrier technologies and high-speed aseptic filling.”
The completion of the deal follows the announcement Scholle IPN on 1 February that it had agreed to be acquired by SIG.
Board Of Directors
Laurens Last, the previous owner of Scholle IPN, joined SIG’s board of directors in April of this year following his election at SIG’s annual general meeting.
Last received 33.75 million SIG shares as part of the consideration for the acquisition at completion. With the additional shares he purchased in the open market, he currently holds 9.18% of SIG’s issued share capital.
© 2022 European Supermarket Magazine. Article by Nikita Naz Siddique. For more Packaging & Design news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.