API acquisitive in Amsterdam
Friday, December 2, 2016
Foil and laminate manufacturer API Group has acquired Netherlands-based Amsterdam Metallized Products (AMP).
The deal completed yesterday (1 December), after talks started in the summer between API chief executive Dino Kiriakopoulos and AMP managing director Pim Honig. Financial details were undisclosed.
AMP will be absorbed into API’s branding and will be known as API Netherlands from January 2017. Kiriakopoulos said API has “committed to run in Amsterdam for the full year of 2017 and then will take a broader look at its footprint to decide on consolidations”.
Kiriakopoulos said he was attracted to 52-staff AMP because its products were complimentary to API’s offering. AMP claims itself to be the inventor of transfer metallising and manufactures transfer metallising paper, board and film products.
“AMP was the inventor of transfer metallising and they have always had a history of innovative products and while they don’t compete with us, they have a lot of complimentary products in label stock and on transfer metallising; very different materials that can be used not only in packaging but in other industries as well,” said Kiriakopoulos.
“They have a good asset-base within the Amsterdam plant and, along with some new technology that we found quite interesting, we think with our larger range we can commercialise more rapidly than they can themselves.”
Honig added: “From our long history in the market, we know that API will be an excellent custodian of the business.
“We look forward to working closely together to ensure continuity and an even greater array of products for all of our customers.”
The deal is API’s second acquisition of the year, after it completed the purchase of Hazen Paper Company’s satellite paperboard lamination business in Osgood, Indiana. The deal leaves Hazen Paper to concentrate on its core custom holography and specialist paper converting business at its main Massachusetts facilities.
API’s recent acquisition spree follows it being acquired by New York-based conglomerate Steel Partners in March 2015.
“When Steel Partners acquired us it provided the structure and support for us to grow the business. This support has been a driver for change,” said Kiriakopoulos.
With the acquisition of AMP and Hazen Paper, API now employs around 620 staff worldwide. Prior to the acquisitions the Stockport-headquartered firm had sales of £121m.
It is looking at further acquisitions in 2017 and will also be opening a new customer centre, the location of which will be disclosed early next year.
Outlook is positive for API Group despite reduced profit
Foil and laminate manufacturer API Group has reported a drop in first-half profit and revenue, but...
API Group's major shareholder calls for company to be sold
API Group's largest minority shareholder Steel Partner Holdings has called for the foil,...
LATEST COMMENTS ON PRINTWEEK