Weener Plastics (WP) has announced the acquisition of Proenfar from parent company Altra Investments.

The acquisition will push WP forward in Latin America, where Proenfar is based, while developing Proenfar in Europe where WP is headquartered.

Proenfar also has a strong export business, and is headquartered in Bogotá, Colombia, where it employs more than 1,600 people and has four production plants in Colombia, Argentina and Mexico.

Roel Zeevat, CEO of WP, said, “The acquisition of Proenfar marks an important milestone in our successful international expansion. I am convinced that our customers will benefit from this transaction as Proenfar shares our strong focus on innovation and customer service. We look forward to working together with Proenfar’s experienced management team and welcome all their employees to the WP group.”

With the deal having been signed this week, the new acquisition is hoped to expand WP’s international presence by strengthening and developing its relationship with multinational and Latin American companies.

Financial terms of the transaction were not disclosed with the deal being subject to ‘customary closing conditions’.