The Blackstone Group, the private equity firm that recently acquired Cardinal PTS, has acquired the Klockner Pentaplast Group for $1.8 billion. The sale is subject to approval by various regulatory authorities, and is expected by June.
According to Lionel Assant, managing director of The Blackstone Group, "Klockner Pentaplast has a strong international market position and performance. It is committed to providing its customers with the most innovative and comprehensive solutions to meet their films needs. The group’s high-quality films, superior technical expertise and support, and its global manufacturing platform have earned its position as a recognized industry leader. We will continue to support Klöckner Pentaplast's aggressive growth and investment strategy."
The management of the Klockner Pentaplast Group will remain in place. According to Tom Goeke, the group's chief executive officer, "The Blackstone Group is committed to the company’s strategic goals. With their backing, we will continue to pursue the expansion of Klöckner Pentaplast."