GE Capital Provides $143MM in Financing to Taghleef
Friday, June 15, 2012
GE Capital, Corporate Finance announced it is administrative agent on a $143 million cash-flow credit facility for Taghleef Industries, a global producer of plastic and packaging films used for food, labeling and adhesive tapes. The financing was used to acquire Applied Extrusion Technologies (AET), a manufacturer of specialized packaging films. GE Capital Markets served as sole lead arranger and bookrunner.
Based in Dubai, UAE, Taghleef Industries is a global producer of biaxially oriented polypropylene (BoPP) packaging films, with six production sites around the world and distribution in more than 100 countries. Headquartered in Wilmington, DE, AET is a manufacturer of flexible packaging films for labeling, food and non-food applications. The company has production facilities in Terre Haute, IN and Varennes, Canada and research and development facilities in Newark, DE and Covington, VA.
"GE Capital provided the smart, flexible financing we needed to expand our company's global footprint," said Chandan Ghatak, CFO of Taghleef Industries. "GE's knowledge of the U.S. debt capital markets helped us execute the acquisition."
"We have a long history of financing growth companies in the plastics industry," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "Providing asset-based and cash-flow financing that helps build middle-market businesses is our specialty."