Plasticband buys Cintexpor
The orbital strapping and wrapping firm Plasticband has increased its foothold in Portugal through the purchase of Portuguese firm Cintexpor.
Plasticband is the European leader in the production of plastic packaging machines and plastic packaging and strapping and has bought 100% of Cintexpor share capital.
In a statement the company states: “Through this integration Plasticband has strengthened its position in Portugal where it intends to become the leader in this segment.”
The purchase cost has not been disclosed but the Spanish company based near Barcelona and founded in 1978 produces a wide range of packaging products to ensure products arrive at their destination in perfect condition.
“Plasticband, the leader in the production of machines and plastic film, wrapping and strappers using a Lean Manufacturing system for optimal production has acquired Cintexpor in its entirety — the Portuguese packaging company from Porto” states the communiqué.
“Through this integration, Plasticband, which is the European company with the fastest delivery of orders for packaging machines, will have its own warehouse in Portugal from which its will offer an on-the-ground technical and commercial service for its customers.”
Through its reorganisation and optimisation project 2016-2019, Plasticband has just completed the internal reorganisation of the company which resulted in a growth in sales and production and improved the use of its factory area.
This process, begun two years ago, has enabled plasticband to move from being merely a production centre to a centre in which production has doubled from 500 machines produced annually to 1000 machines which it will be capable of producing in 2021.
Cintexpor was founded in 2002, focusing mainly on producing protective plastic wrapping for the foodstuffs, textiles, woods and metals markets.
In 2018 Plasticband enjoyed a turnover of more than €7 million with a record growth of 21% on 2017.
Jordi Guimet, CEO of Plasticband said that with the purchase of Cintexpor “we can also be a reference in the Portuguese market, a market that we know well and in which we can grow our presence and become stronger, providing an excellent service to our demanding Portuguese clients.”