- October 31, 2012
NEW DELHI, INDIA | Jindal Poly Films, (JPFL) a leading flexible packaging films producer, has entered into an agreement with ExxonMobil Chemical, Houston, TX, to purchase ExxonMobil’s Biaxially Oriented Polypropylene (BOPP) Global Films business. The agreement was signed Oct. 26, 2012. The transaction remains subject to necessary approvals from regulatory authorities.
Hemant Sharma, CEO of JPFL, says, “We are excited to buy this business due to its excellent portfolio of premium products along with industry-leading technology and R&D. We are equally excited to be acquiring an experienced and capable workforce. We are confident that, in combination with our existing Indian operations, we will be able to deliver effective long-term solutions to our customers globally.”
The agreement covers five BOPP production locations, two in the US (Georgia and Oklahoma) and three in Europe (Italy, the Netherlands, and Belgium). The transaction also includes a technology center and sales office in Rochester, NY, and an office in Luxembourg. Approximately 1,500 people work in those operations.