Toppan Increases Stake to Make Max Speciality Films a Consolidated Subsidiary
02 February 2022: Toppan, a global leader in communication, security, packaging, décor materials and electronics solutions, has increased its stake to acquire a majority shareholding in Max Speciality Films Ltd. (MSFL), a leading Indian manufacturer of biaxially-oriented polypropylene (BOPP) films. Headquartered in Punjab, MSFL has been an equity method associate of Toppan since 2017, when Toppan acquired a 49% stake. Effective yesterday, February 1, it has now become a consolidated subsidiary. In addition to enabling Toppan to make a full-scale entry into the BOPP film business in India.
With production bases in Japan, other parts of Asia and North America, Toppan operates a wide-ranging packaging business centered on GL BARRIER,1 a transparent vapor-deposited barrier film that enjoys the leading share of its global market. Toppan’s Medium Term Plan, announced in May last year, takes Digital & Sustainable Transformation as its key concept and identifies priorities in the packaging business to be catering to sustainability-related demand, establishing networks facilitating local production for local consumption, and accelerating global expansion.
MSFL was founded in 1990 and has its headquarters and manufacturing base in Punjab, India. The company manufactures and sells BOPP films, predominantly for food packaging. Since making its initial investment in MSFL, Toppan has participated in the business as a minority shareholder. Increasing its stake from 49% to 90% and bringing MSFL on board as a consolidated subsidiary will enable Toppan to strengthen its business in the growing Indian market for BOPP films, which are anticipated to see demand as a more readily recyclable mono-material for packaging. The addition of MSFL and its extensive knowledge of the Indian market to the Toppan Group facilitates an accurate understanding of the needs of a huge market of 1.3 billion people and secures a film development and manufacturing base in a location that will be key for enhancing the global supply network for mono-materials.
