NORWALK, Conn.—Dubai-based Taghleef Industries has acquired Applied Extrusion Technologies (AET) in Wilmington, DE for $143 million.
Taghleef is the world’s largest producer of biaxially oriented polypropylene (BoPP) packaging films used for food, labeling and adhesive tapes, with six production sites around the world and distribution in more than 100 countries.
AET also makes flexible packaging films for labeling, food and non-food applications with production facilities in Terre Haute, IN and Varennes, Que. and research and development facilities in Newark, DE and Covington, VA.
GE Capital financed the deal with a $143 million cash flow credit facility. GE Capital Markets served as sole lead arranger and bookrunner.