XANO signs agreement to acquire IPS
XANO has signed an agreement, via a subsidiary, to acquire all the shares in Integrated Packaging Solutions (IPS) with subsidiaries, located in Denver, Colorado, US.
IPS is an international company operating within the packaging sector, mainly targeting the can making industry. IPS provides machinery and integration technology as well as production-optimisation services to metal packaging manufacturers.
IPS’ operations primarily complement those of NPB and Canline within XANO’s Industrial Solutions business unit. Through the company’s newly developed concept CanSchool, there are opportunities to further deepen collaboration with customers in the can making industry. The concept is also applicable to other industries in which the business unit companies are active.
The addition of IPS is supporting XANO’s ambitions to expand market shares in the US and become the natural choice of partner for decision makers in investment projects worldwide. The acquisition represents an intensification of the group’s ongoing establishment in the US. The access to IPS’ expertise and networks will benefit and speed up the process of making the group’s offering visible in the North American market, it says.
The purchase sum, to be paid in cash, totals US$21 million. The transaction, which is subject to confirmatory due diligence by XANO and the fulfilment of customary closing conditions, is expected to be concluded during September 2023.