Graham Packaging Company’s subsidiary, Graham Packaging Company Italia has intended to procure intellectual property, inventory, fixed assets, client relationships and trade contracts of Techne-Technipack Engineering Italia for a total amount of euro 8.8 million.
Techne develops extrusion blow molding machines for several applications in household, dairy, food and beverage and pharmaceutical segments. The company has installed more than 1000 machines and serves around 200 clients from over 70 nations. Graham Packaging plans to continue the operations of Techne's Bologna-based production site.
Currently, liquidation procedures of Techne are in progress with the Court of Bologna. The acquirement proposal of Graham is yet to be authorized by Techne's creditors of the composition plan and the Court of Bologna. The transaction will be completed after finishing other routine procedures.
Mark Burgess, CEO of Graham Packaging, stated that the assets of Techne will further improve the company’s machine technology and will enable it to continue to support invention and cost efficiency with the clients. He added that the installed base of more than 1000 machines has offered further opportunities to the company to increase its operations in global and other related segments.