Paper and packaging manufacturer Saica Group is set to acquire provider of corrugated packaging and display solutions Thimm Group in a deal which builds on a longstanding relationship between the two dating back to the late 1990s.
The transaction follows a strategic review by Thimm after a period of business consolidation, according to Mathias Schliep, chairman of the board of directors at Thimm Group.
“After two years of successfully consolidating our business, we have spent recent months intensively considering how to position our company securely for the long term,” said Mr Schliep. “We are convinced that in a highly competitive market, only a small number of large players will be able to gain market share in the future. We therefore decided to sell the company to the largest family-owned company in the European industry in order to secure Thimm’s growth prospects and long-term future under a strong umbrella.”
Saica operates 112 sites across Western Europe, Poland and the United States, while Thimm’s operations are concentrated in Germany and Eastern Europe. According to the companies, Saica intends to continue operating within Thimm’s existing structures, with the aim of maintaining continuity for customers and employees.
Susana Alejandro, president and CEO of Saica Group, said the acquisition would strengthen the company’s presence in markets where it has not previously operated.
“We look forward to welcoming our new colleagues in Germany, Poland, the Czech Republic and Romania, and to further developing our culture and values together: caring for the future, valuing people and embracing the challenges ahead. Thimm brings strong regional capabilities and a customer-driven approach in markets where Saica has not previously operated. Together with Thimm, we see significant potential to further strengthen our leading position in the highly competitive European market.”
As part of the transaction, the Thimm family will fully exit the business. Mr Schliep said the decision had been made with the company’s long-term future in mind.
“Saica’s financial strength provides a reliable foundation to manage a cyclical business and to support continued growth through targeted investments in technology and digitalisation. Saica is therefore an ideal partner for us.”
The transaction remains subject to approval from the relevant antitrust authorities. Financial terms of the deal have not been disclosed.
