With the aim to boost its reach in the Americas and Asia, PSB Industries has entered into exclusive discussions to acquire packaging company Topline Products with a target date of closing the transaction in January 2016.
This new acquisition project ... would enable PSB Industries to reinforce its footprint in North America as well as enter Asia and South America. -Olivier Salaun, PSB's chairman and CEO.
According to PSB, the perimeter for this transaction generates sales of around $75 million with 500 people, three industrial facilities (U.S., Mexico, China), four strategic sales offices (New York, Paris, Sao Paulo and Shanghai) as well as specific subcontracting activities and full service.
"This new acquisition project, in line with our Ambition 2020 plan, would enable PSB Industries to reinforce its footprint in North America as well as enter Asia and South America," said Olivier Salaun, PSB's chairman and CEO. "It should contribute to the profitable growth of PSB Industries with additional capabilities, a new range of products and services while enabling the group to continue enriching its customer portfolio with prestigious brands such as L’Oréal, P&G, Amway, Revlon, Mary Kay, Sisley and Burberry."
Charles Chang, Topline's CEO and founder, said the integration with Topline's Texen unit will create more value and enhance the development of the luxury and beauty business unit in PSB Industries, which is significantly growing.
"I am really excited to see their contribution to the Ambition 2020 plan with complementary capabilities in the U.S., a plant in China and strategic activities in Asia, Europe and over the Americas," Chang added.