General Electric Company : GE Capital Provides $143 Million in Financing to Taghleef Industries for Acquisition of Applied Extrusion Technologies
06/15/2012| 08:05am US/Eastern
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GE Capital, Corporate Finance today announced it is administrative agent
on a $143 million cash flow credit facility for Taghleef Industries, a
leading 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 the world's largest 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."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and
structured loans and leases to mid-size and large U.S. businesses.
Financing supports working capital, growth, acquisitions, turnarounds
and balance sheet optimization in key sectors: Aerospace and defense;
automotive and transportation; chemicals and plastics; construction and
building products, corporate aircraft; financial and business services;
food and beverage; manufacturing; marine; metals and mining; paper,
packaging and forest products; retail; and technology and electronics.
Funding maybe provided through GE Capital, Corporate Finance's
affiliate, GE Capital Financial Inc.,member FDIC. With Access GE,
clients also benefit from access to GE's best practices to help build
their business. Visit gelending.com/clnews.
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit gecapital.com
or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on
things that matter. The best people and the best technologies taking on
the toughest challenges.Finding solutions in energy, health and home,
transportation and finance. For more information, visit ge.com
GE Capital, Corporate Finance
Jeff Wilson, 203-749-6340
jeffrey.wilson@ge.com
or
GE
Capital, Americas
Ned Reynolds, 203-229-5717
ned.reynolds@ge.com
© Business Wire 2012
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