Mpac Group plc, a global leader in high speed packaging and automation solutions, has purchased Switchback Group, Inc., a USA based supplier of packaging machinery and automation solutions to the food, beverage and healthcare markets.
The initial price is $13.0 million, payable in cash, with a further earn-out consideration of up to $2.0 million.
{alcircleadd}
Mpac aims to become a market leader in the provision of full-line packaging solutions for the pharmaceutical, healthcare, and food and beverage sectors.
Switchback, founded in 2006, is a provider of packaging machinery that benefitted from the shift towards increased use of recyclables, aluminium cans, and cardboard packaging.
The President of Switchback, Dave Shepherd, will remain with the business to continue the next phase of its growth strategy. Switchback's facility in Ohio will provide a US sales and service presence for Mpac's existing customers in the USA.
Tony Steels, Chief Executive of Mpac, commented: "The acquisition of Switchback represents another key stage in the strategic development of Mpac, providing a strong USA footprint, together with a great range of products, talented employees that have demonstrated entrepreneurial growth to become market leaders with embedded customer relationships.
I am very excited by the opportunities presented by bringing Switchback into the Mpac Group, providing the resources to support the continued growth and the improved overall Mpac customer proposition.
Switchback's performance during the COVID pandemic has been strong with a good orderbook, demonstrating the high quality of the business."
Note to readers: AlCircle brings two-day event for aluminium industry players. We look forward to meeting you virtually at “Global Aluminium Expo 2020”on October 6-7, 2020. For registration, visit www.alcircleevents.com
Responses
