Switzerland-based SIG has agreed to buy Illinois-based Scholle IPN, a global supplier of flexible packaging solutions, according to a recent announcement from Scholle.
Founded in 1853 and headquartered in Neuhausen, Switzerland, SIG is a systems and solutions provider for aseptic carton packaging. SIG’s portfolio of sustainable food and beverage carton solutions will be expanded to include Scholle IPN’s bag-in-box and spouted pouches for retail, institutional, and industrial customers. Once combined, the new company will employ nearly 8,000 people in 69 sales and manufacturing sites worldwide.
Terms of the deal were not disclosed. The transaction is expected to close before the end of the third quarter, subject to customary closing conditions.
“The acquisition of Scholle IPN cements SIG’s position as a global leader in innovative and sustainable packaging for food and beverages,” says Samuel Sigrist, CEO of SIG, in a prepared statement. “It is consistent with our strategy of geographic and category expansion accompanied by share gains in key markets.”
Laurens Last, chairman and owner of Scholle IPN, will be nominated for election to the SIG board of directors at the company’s annual general meeting on April 7.
Ross Bushnell, president and CEO of Scholle IPN, will continue to lead the legacy Scholle IPN business and will join SIG’s group executive board upon transaction close.