EPL and Indovida India merge into $1bn revenue packaging player
EPL Ltd. (the folks backed by Blackstone) and Indovida India (part of Indorama Ventures) just announced they're merging, forming a major new player in consumer packaging.
Together, they'll pull in about $1 billion in yearly revenue by combining EPL's flexible packaging with Indovida's rigid PET products, basically covering all the bases for things like FMCG, food, and pharma.
Indorama Ventures to hold majority stake
Indorama Ventures will hold just over half of the new company, while Blackstone gets a 16.6% slice; the rest stays with EPL shareholders.
Hemant Bakshi (currently CEO of EPL) will lead the merged team.
The focus is on fast growth in emerging markets, think Asia, Africa, and Latin America, which should make up 75% of their business.
They're also aiming to boost profits and efficiency with $35 million to $50 million in planned synergies.