The Linhardt Group, a leading packaging manufacturer in Europe. and Indian aluminum tube and can manufacturer Pioneer Group have signed a share purchase agreement (SPA) with effect from April 1 2024, for the complete acquisition of Pioneer Extruders and Jeevanlakshmi Packaging Solutions.
The agreement covers Pioneer’s four locations in Daman, Sanjan in Gujarat, Dahanu in Maharashtra, and Sancoale in Goa. Both parties expect the acquisition to be completed by June 2024.
Until the closing in June, the owner family of Pioneer will continue to handle the operational management of the Pioneer sites in close coordination with the Linhardt management. Within the next few days, discussions will be held with the workforce, all business partners and stakeholders in India, to ensure a smooth transfer of ownership based on trust.
With this acquisition, says Linhardt CEO Johannes Schick, “Linhardt will open a new chapter in its 80-year history and further expand its global market leadership in high-quality aluminum tubes for the pharmaceutical industry, and thereby strengthen and relieve the existing Linhardt Group locations.
“We would like to expressively thank the Patel family and its CMD Kishor J Patel for his life’s work and vision. As an internationally active family business, Linhardt will continue the values and tradition of Pioneer with great respect. Linhardt warmly welcomes the more than 500 Pioneer employees to the Linhardt family,” Schick said.
Since the summer of 2023, the management of the Linhardt Group and the Pioneer Group had been in intensive and trusting talks about the deal.
From three locations in Germany, Linhardt develops and produce aluminum, plastic and multilayer packaging, primarily collapsible tubes, cans and rigid tubes for healthcare, beauty and home packaging.
