Australian packaging giant Detmold Group has reached an agreement with US-based Novolex to buy Heshan Innopak Co. Ltd. The transaction is expected to be completed by the end of August.
Heshan Innopak is a subsidiary of the Burrows Paper Corporation, which was acquired by Novolex in December 2016. It manufactures a range of food wraps, paper takeaway, carry, and industrial bags, and food cartons in its facility in Heshan, Guangdong, China.
Detmold Group, which employs over 800 people, has been operating in China for over 20 years and has a manufacturing facility in the Heshan area of China. The company will take over the Innopak operations and continue to manufacture at both sites.
All Innopak staff will be offered employment by Detmold on comparable terms, including local Innopak management.
Detmold Group CEO Alf Ianniello said the acquisition is an important step in the company’s continued growth in the Chinese market.
