Coding and marking products maker Control Print Ltd on Wednesday announced the acquisition of business assets of Italy-based V shapes S.r.l., for approximately 3.7 million euros (over Rs 30 crore).
The acquisition has been carried out through Control Print Italy S.r.l, a wholly owned subsidiary, Control Print said in a statement.
The acquisition allows the company to undertake a high IP-related diversification in the packaging business, provide sustainable packaging solutions, especially in the critical area of single dose/single serve packaging, and serve a global clientele and international diversification, it added.
"V-Shapes will help us in expanding our product portfolio in the packaging machinery industry. We are committed to further investing into developing this technology and marketing it globally," Control Print Joint Managing Director Shiva Kabra said.
Commenting on the development, V Shapes CEO Christian Burattini said, "With Control Print's strong management and financial backing combined with our innovative single serve packaging solutions, we are confident that we will be able to tap into global sales opportunities as well as focus on recyclability."
V-Shapes has developed significant intellectual property in the area of single serve packaging with a wide-range applicability in the premium and luxury segment, including pharmaceuticals, nutraceuticals, cosmetics, and food, the statement said.
Control Print said it will retain the entire existing V-Shapes team and maintain the manufacture, design, and development of the packaging technology in Italy.
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