Gateshead manufacturer TDX has been snapped up by an Italian firm as part of moves to create a market leader in the European food packaging sector.
TDX, which serves the food and packaging industry with its PET, RPET and laminated rigid films, has joined forces with food packaging leader AMB to create a “future powerhouse” in the global sector with combined turnover of more than £133m.
All jobs at TDX’s headquarters in Team Valley will be protected through the acquisition, which will also include its product design, prototype and tooling business, and will create a total workforce of 430 employees in locations throughout Europe.
Mark Prinn, managing director of TDX, alongside commercial and financial director Trevor Marr, who led a management buyout in 2013, will remain with the business.
Mr Marr said: “We are excited to join forces with AMB and believe this partnership will significantly accelerate geographic expansion. The two companies working together in partnership will truly deliver a one-stop-shop that will create strong opportunities worldwide and we look forward to working together.”
Rolf Liebfried, managing director of AMB, which is headquartered in San Daniele, Italy, said: “AMB will be supporting TDX to achieve significant growth by bringing expertise in the form-fill-seal market whilst also supporting further growth in the thermoforming film market.
“We will be looking to utilise our group buying power and expertise to increase competitiveness for all our customers.”
Bruno Marin, chief executive of AMB, added: “We see this as our first major step in our new growth plans and the two companies together form an ideal platform for continued future growth.”
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TDX was supported in the deal by Newcastle law firm Sintons, its longstanding legal advisor, which also acted in the MBO six years ago.
Emma Pern, senior associate in the company and commercial department, supported by partner Matt Collen, led the team acting for Mr Prinn and his fellow shareholders.
Ms Pern said: “TDX has built an international reputation for its work and through this acquisition by AMB, will be able to increase its reach even further with the support of its new owner and partner business. The collective reach and capability of this new venture will create a significant new player in the food packaging sector.
“Having supported Mark and the fellow directors in the MBO, we are very pleased to act in this transaction, which paves the way to take this very successful North East business to the next level.”