August 1 (SeeNews) - Austrian plastic packaging producer Alpla said that it is acquiring Greek packaging solutions provider Argo, which owns a factory in Romania.
The acquisition is subject to regulatory approval and the Austrian and Romanian competition authorities are currently examining the proposal, Alpla said in a press release on Tuesday.
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The contracting parties have agreed not to disclose the purchase price or any of the details involved.
"Our goal is to build expertise in the pharmaceutical market at our Greek location in the future. We can see potential for growth in this industry and can make use of existing expertise,’ Alpla's CEO Günther Lehner said.
Argo has been present in Romania since 1996 through its subsidiary Argo Rom Plastics. It opened its only factory in the country in 2008 in southern Bucharest. ARGO's headquarters and production operations in Greece are located in Koropi, 40 km from central Athens.
Founded in 1970, Argo specializes in packaging solutions for the pharmaceutical and personal care markets. Around 270 employees produce bottles, cans, dispensers and closures for pharmaceutical products cosmetics, and chemicals.
Alpla has 19,300 employees worldwide which produce custom-made packaging systems, bottles, closures and moulded parts at 176 sites across 45 countries.