Guala Closures to buy Axiom Propack
Luxembourg-based Guala Closures Group, one of the world leaders in production of packaging material, has signed a definitive agreement to acquire Karnataka-based Axiom Propack for an undisclosed sum, the company has said in a statement. The deal, under which Guala Closures will take full control of Axiom Propack, is slated to close within three months, subject to necessary approvals. The acquisition is expected to help the multinational firm fortify its position in the Indian market. Belur-based Axiom Propack mainly caters to the Indian-made foreign liquor market.