BOLOGNA, Italy – Coesia Group has signed an agreement to acquire Oystar North America, Inc. from Oystar Group.
Oystar NA has revenues of more than $200 million (€160 million), two US-based sites in Davenport, Iowa, and Covington, Ky., more than 550 employees and more than 70 patents worldwide. Oystar NA is the leading North America player in Food and Consumer Goods packaging machinery, through its seven brands: Jones, KartridgPak, Autoprod, Holmatic, Aerofill, Dawson and MAP Systems.
“We are very pleased that Oystar North America and its strong management team are joining the Coesia Group, setting the standard for customer-centric packaging solutions in North American Food and Consumer Goods sectors,” said Angelos Papadimitriou, chief executive officer of Coesia Group. “We intend to continue to support Oystar NA’s investment in innovation and help accelerate its international presence and its expansion in new segments. Oystar NA powerful US service and support platform should also provide immediate benefits for Coesia’s existing companies and their North American customers.”
Barry Shoulders will continue to lead the newly acquired company. Shoulders said, “The same people our customers have worked with all the way back to the days of Packaging Technologies and R.A. Jones will continue to provide excellent and uninterrupted service as we take advantage of the expanded opportunities now available to us as part of the Coesia Group. Coesia’s technological strength and extensive global footprint will make us even stronger as we continue to bring the best solutions to our customers.”
Coesia has forecasted 2012 revenues (pre-acquisition) of €1.2 billion ($1.5 billion) and has 5,000 employees.