North East manufacturing business acquired to create global market leader

A regional manufacturing business has been acquired by an Italian counterpart in a move to see the creation of a new ‘market leader’ in the European food packaging sector.

TDX produces PET, RPET and laminated rigid films. By joining with food packaging firm AMB, it is set to create a “future powerhouse” in the global sector, with growth plans being put in place for the combined business.

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.

Trevor 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.”

The business partnership - which will create a venture with a combined turnover in excess of £133m - will bring together offerings to provide products, solutions and design capabilities to tailor new products to customer needs.

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.”

TDX was supported in the sale of its operation by 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.