Paper and plastic packaging products provider Novolex is to acquire US-based consumer goods company Newell Brands’ Waddington Group packaging unit in a deal valued at $2.3bn.

With 16 sites spread across the US, Canada, Ireland, the Netherlands and the UK, Waddington manufactures and markets packaging and disposables for the foodservice, bakery, deli and confectionery markets.

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The company has different brands, including Eco-Products, which serves the green packaging segment, Polar Pak containers for drink-ware and cutlery and WNA for upscale disposable plastic products.

The deal will reportedly enable Novolex to strengthen growth prospects through the addition of complementary product lines and the expansion of sustainable packaging products.

Novolex chairman and CEO Stan Bikulege said: “This is a period of strategic growth and development at Novolex. Adding rigid plastic food packaging and an expanded range of sustainable packaging products have been key strategic priorities, and the Waddington Group has long been our top acquisition target.

“Adding rigid plastic food packaging and an expanded range of sustainable packaging products have been key strategic priorities, and the Waddington Group has long been our top acquisition target.”

“The company brings Novolex world-class product innovation, long-term customer relationships, and, most importantly, adds to our talented and dedicated team.”

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The acquisition of Waddington is part of Newell’s Accelerated Transformation strategy that bids to accelerate value creation and strengthen operational and financial performance.

Following the acquisition. Novolex will have around 10,000 employees and 62 manufacturing plants around the world.

Novolex has acquired eight firms, including Waddington, in the past six years.

Subject to customary closing conditions, the acquisition is scheduled to take place in around 60 days.

Backed by multinational private equity and alternative asset management firm Carlyle Group, Novolex provides packaging solutions for retail, grocery, food service, hospitality, institutional and industrial markets.