Private equity fund in the US, TPG Capital has acquired the Chinese cosmetics packaging company HCP Holdings for around $600m, Reuters reported, citing a report from its publication Basis Point.
HCP, which has manufacturing units in China, US and Mexico has reported an increase in sales to $160m in 2011 compared to $102m in 2007.
The cosmetics packaging molder has about 3% of the global market for cosmetics plastic packaging and hopes to achieve revenues of $185m for the current financial year.
Post acquisition of bankrupt US-based Bridgeport Metal Goods in 2004 for an estimated $6.5m, HCP obtained new technologies to develop and produce, in cosmetics packaging.