Elopak and GLS have entered into a long-term strategic partnership to deliver
sustainable packaging solutions to consumers across India.
(28 April 2022) With reference to our stock notice on 25 April 2022, Elopak and
GLS have today signed a joint venture agreement in which the two companies will
each have 50% ownership. The newly formed company, GLS Elopak (headquartered at
Gurugram in Haryana, India) will leverage the respective expertise, assets and
networks of Elopak and GLS to capitalize on the significant consumer demand in
India.
The company is being established to manufacture and process high-quality fresh
and aseptic packaging solutions, which are designed to ensure that liquid food
is safe and accessible to consumers across the globe. The company will cater to
both fresh and aseptic segments with applications such as dairy, plant-based
drinks, juice, water and liquor.
Elopak, a leading global supplier of carton packaging and filling equipment,
offers sustainable packaging solutions that provide a natural and convenient
alternative to plastic bottles. The joint venture aligns with Elopak's ambitions
to expand geographically and meet the rising demand for sustainable packaging
solutions, leveraging its strong track record and investment in
sustainability-focused innovations. Geographic expansion is one of the five key
growth pillars, Elopak has prioritized, executing its sustainability-driven
growth strategy and driving the plastic to carton conversion.
With its manufacturing hub close to Delhi at Rewari in Haryana, India, GLS
Elopak will be the only producer of fiber-based packaging for liquid food in the
Haryana area. It will immediately start to offer Roll-Fed aseptic cartons under
the brand "ALPAK" in various sizes, along with end-to-end service support, to
customers. Going forward, the company will introduce Pure-Pak® fresh cartons,
Pure-Pak® aseptic cartons and complementary solutions.
Elopak's entry into the Indian market will be an important step in our growth
strategy. The JV expect to reach revenues of ~80-100 mEUR by 2027, and we expect
positive EBITDA contribution already from FY 2024. The financials of the JV will
be fully consolidated in Elopak's financial statement.
We will provide further information on our Indian JV in our quarterly
presentation on 5th May 2022.
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About Elopak
Elopak is a leading global supplier of carton packaging and filling equipment.
The company's iconic Pure-Pak® cartons are made using renewable, recyclable and
sustainably sourced materials, providing a natural and convenient alternative to
plastic bottles that fits within a low carbon circular economy.
Founded in Norway in 1957, Elopak was listed on the Oslo Stock Exchange in 2021.
Today it employs 2,600 people and sells in excess of 14 billion cartons annually
across more than 70 countries.
Elopak is a UN Global Compact participant with a platinum EcoVadis rating and
has been carbon neutral since 2016. For more information, go to elopak.com or
follow us @Pure_Pak on Twitter and @Elopak on LinkedIn.
About GLS
GLS Group, established in 1994, is a multi-business conglomerate with businesses
in various industries such as Flexible Packaging, Liquid packaging, Inks,
Adhesives, Aluminum Foils, Blown Films, BOPET Films and Warehousing.
GLS Group, over the years, has emerged as one of India's largest and
most-integrated packaging organizations. For more information, visit
www.glsind.com or connect with @GLSGroupIndia on LinkedIn.