Tecnocap signs joint-venture deal in India
Italian closures and caps maker Tecnocap has entered into a joint venture that will give it access to India’s growing packaging market.
The Salerno-based company bought the metal lug business of Oricon Enterprises, giving it a 75 per cent share in the jointly-formed Tecnocap Oriental. Mumbai-based Oricon makes plastic and glass packaging.
Tecnocap chief executive and founder Michelangelo Morlicchio said the deal represented the metal closures maker’s first venture in Asia. This “represents a key stage in our international growth strategy, achieved through business diversification and expansion towards high growth markets”, he said.
“Beyond seizing the great opportunities for market growth, this alliance gives us the chance to exploit mutual synergies to operate successfully thanks to the highest quality products, services and logistics.”
Tecnocap was founded in 1993 and makes closures for aerosol cans, plastics and glass bottles and other containers. It also makes capping machines and has eight factories throughout Europe and in the US. Its customers include Nestlé, Barilla and Mars Foods, as well as brands in the pharmaceutical sector.
Soure: The Canmaker