Exclusive negotiations between the two companies concerning the acquisition began in June of this year and concluded this week with the formal announcement, although the specific terms and conditions were not revealed.
The acquisition will see Topline acquire all of Cosworld-Primapack’s assets, including its global workforce and its Paris headquarters, which will be consolidated with Topline’s French operations and moved to a new Paris location this Autumn.
Cosworld-Primapack is a part of the France-based Cosfibel Group and last year had a turnover of approximately €30m.
Creation of a platform with European capabilities
According to Topline, the acquisition creates a platform that will enable it to offer an extended range of packaging solutions, including filling, assembly and turnkey offerings, to a customer base throughout Europe.
On top of extending its footprint in the European market with some of the region’s leading beauty players, Topline also pointed to the fact that the acquisition builds on the company’s strategy to serve any international customer in terms of either its regional or global strategy with local teams to provide in depth day-to-day support.
Enhancing speed to market
Charles Chang, Topline president stressed the fact that the acquisition will not only serve to streamline the company’s supply chain, but also that it will enhance speed to market.
“Europe is a dynamic marketplace for innovations in beauty and personal care and the acquisition strengthens our position to compete in this market by utilizing Toplines global manufacturing locations,” Chang said.
Topline’s most recent acquisition builds on several expansion initiatives in the past year, which have included the opening of a new production facility in Reynosa, Mexico, building on five other production facilities it holds in China.
In July last year it also acquired Michigan City-based packaging provider Motor City Plastics Company, a move that gave the company its first ever production facility in the United States.