Japanese firm Toppan Printing has agreed to acquire a 49% stake in Max Speciality Films (MSF), the manufacturing business of Max Ventures and Industries, to become a joint venture partner in the company.
The acquisition is a part of Toppan’s effort to help strengthen its speciality films business.
Upon completion, Toppan will serve as strategic partner in MSF, alongside MaxVIL.
Max Group founder and chairman emeritus, and MaxVIL chairman Analjit Singh said: “We are delighted to welcome Toppan to an already illustrious set of joint venture partners in the Max Group, which includes Japan-based Mitsui Sumitomo Insurance, South Africa’s Life Healthcare and Bupa Finance from the UK.
“I am confident that their partnership and strategic support will play an instrumental role in setting MSF’s future growth trajectory.”
Max Ventures said that the deal will help expand its manufacturing operations of Max Speciality while benefiting from Toppan’s global sales network.
Toppan Printing president and representative director Shingo Kaneko said: “MSF has emerged as a front-runner in their unwavering commitment towards R&D and constantly innovating and upgrading technology to stay at the top of the leader-board across a wide field of applications from labeling to flexible packaging.”
The deal is subject to customary closing conditions, including receipt of shareholder approval.
In 2016, MSF approved an investment of Rs2.5bn ($37.3m) for the installation of a 5th BOPP line to help increase production capacity by a significant 60% to over 70,000 tons per annum.