TRICOR Packaging & Logistics AG has confirmed it has completed the acquisition of Thimm Packaging Systems from the Thimm Group. Tricor’s parent company, Rengo Co Ltd, (through its wholly-owned subsidiary, Rengo Europe GmbH in Germany), made the funds available for the deal. Rengo is active in Europe with the Tricor and Tri-Wall brands and is further expanding its presence with this acquisition.
Thimm Packaging Systems was the industrial goods division of the Thimm Group. The takeover will be finalised after approval by the Federal Cartel Office, which is expected in the next few weeks. The former industrial goods division of the Thimm Group had been part of the family business since 1993 and achieved a turnover of €187m (27% of group activity) last year. Thimm Packaging Systems employs 1,075 people at seven locations in Germany and one site in the Czech Republic. Terms of the deal were not disclosed.
Thimm Packaging Systems will operate as an independent business unit within the TRICOR Group under the name TRICOR Packaging Systems.
Robert Wiblishauser, CEO, Tricor, said, “The acquisition of Thimm Packaging Systems further expands our strategic product portfolio and underlines our growth ambitions in Europe and allows us to increase the benefits for our customers in terms of security of supply, customer proximity and multi-material competences. Thimm Packaging Systems develops individual packaging systems as well as efficient multi-material solutions made of heavy-duty corrugated board in combination with timber and cushioning made of PU, PE and PP foams, which will help us to achieve future growth.”