DUESSELDORF (dpa-AFX) - German consumer goods maker Henkel AG & Co. KGaA (HENOY, HENKY) announced Thursday the submission of a binding offer for the Darex Packaging Technologies business of GCP Applied Technologies on a cash and debt free basis of $1.05 billion or around 995 million euros.
Henkel said it has entered into exclusive negotiations with GCP Applied Technologies, Inc. to acquire the global Darex Packaging Technologies business.
In connection with this binding offer, GCP will begin a consultation process with the relevant Works Councils and Labor Unions. Upon completion of that process, it is intended to enter into a definitive purchase and sale agreement in respect of the proposed sale. The proposed transaction will also be subject to customary closing conditions, including regulatory approvals.
Darex supplies high-performance sealants and coatings for the metal packaging industry. In fiscal 2016, Darex Packaging generated sales of around $300 million or around 285 million euros. Darex has about 700 employees and 20 sites in 19 countries.
Copyright RTT News/dpa-AFX