Clopay Buys Out Finotech Venture
Clopay Plastic Products Company has purchased the remaining 40% stake in its Finotech jont venture from partner BBA Group. The $82 million cash transaction is expected to strengthen Clopay’s European business and streamline its German operations to bring more value, innovation and responsiveness to it s global customers. Established in 1996, Finotech, based in Aschersleben, Germany, serves many markets across Europe, the Middle East, Africa and Asia. The operation features high-speed, state-of-the-art, wide-web extrusion lines producing both monolayer and co-extruded films and extrusion-coated composites for hygiene, protective apparel and industrial applications. Technology strengths include microporous breathable, monolithic, elastomeric, and apertured products. Additionally, the 2003 incorporation of APA Advanced Printing Aschersleben GmbH, a wholly-owned subsidiary of Finotech, added high-speed, wide-web/long-repeat, flexographic printing presses custom-designed with unique in-line capabilities to print films, nonwovens, paper and a variety of other substrates.