The legally binding agreement was signed on 6 August and the transaction is expected to be closed before the end of the first quarter of 2019, subject to regulatory approval and closure procedures.

“The takeover of Treofan by Jindal Films will open up new global strategic directions for the company and its employees,” said, Dr Walter Bickel, CEO of Treofan.

Jindal Films is a major player in the development and manufacture of speciality biaxially oriented polypropylene (BOPP) films and has production plants in India, Europe and in the United States.

Earlier in March 2018, M&C has announced the sale of the Treofan Americas business to Canadian label manufacturer CCL Industries.