Guala Clo­sures to buy Ax­iom Propack

India Business Journal - - NEWS ROUND-UP -

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.

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