RPC has made an offer to buy British Polythene Industries (BPI), a plastic film recycling and manufacturing company, as part of its over-arching Vision 2020 strategy to consolidate in Europe, according to a report published by Plastics Today. The cash-and-stock transaction is valued at £261 million.
“The proposed offer for BPI represents a compelling strategic opportunity for RPC to enter the European polythene films market through an established platform,” RPC CEO Pim Vervaat said in a statement. “The combination will further broaden RPC’s range of polymer conversion technologies in line with global peers, establish a new growth platform with a strong cost synergy potential whilst enhancing the group’s overall polymer buying capability.”
Cameron McLatchie, Chairman of BPI, added, “BPI’s business should benefit from the ability of a larger group to expand its footprint in Europe and beyond. Shareholders will benefit from enhanced liquidity for their investment, and employees will have access to the opportunities available in a larger group. The BPI board is therefore unanimously recommending acceptance of the offer.”