Singapore-based Jebsen & Jessen Packaging (JJP) has acquire a 60 percent stake in Indonesian beverage packaging manufacturer PT Indo Tirta Abadi (ITA), according to press statement.
The companies signed a sale and purchase agreement on 31 January 2020, while the transaction will be closed in early March. Terms of the deal were not disclosed.
Founded in 2003, ITA has two factories located in Tangerang, Banten province and Gempol on the outskirts of Surabaya. The company, which recorded a turnover of S$42 million in 2019, produces PET bottles, PET preforms and HDPE closures.
ITA, which was founded by Herman Ali, counts Danone, Coca-Cola, Sosro, Nestle and Yeo’s among its customers.
“With the investment into ITA, our Packaging Regional Business Unit (RBU) will grow its business by 50%. I am excited by this strategic growth move and am delighted that the partnership with the Ali family helps us expand our platform beyond Singapore, Malaysia and Vietnam to now also inclode ASEAN’s largest economy, Indonesia,” said Jebsen & Jessen Packaging Regional managing director Chui Tau Siong , who will become the president director of ITA once the transaction is completed. ITA has 500 employees and produces 2.5 billion closures per year, 320 million preforms per month and 1,800 bottles per minute. Through its two existing factories, ITA supplies its products across the across the Indonesian archipelago as well as the ASEAN countires and Australia.
Meanwhile, JJP is part of Jebsen & Jessen Group engaged in manufacturing, engineering and distribution. The company operates in eight ASEAN countries and China through its network in 30 locations as well as nine manufacturing facilities.
Source: Deal Stret Asia | 7 February 2020