Tecnocap, a global metal packaging producer based in Italy, has signed a joint venture with Oricon Enterprise, an India-based producer of metal and plastic packaging.
According to the agreement, the two partner companies have set up a new business called Tecnocap Oriental Pvt, based in Mumbai, of which Tecnocap owns 75% of the share capital through the acquisition of the Oricon's metal lug business, which holds the remaining 25% of the company.
Founded in Italy in 1993, Tecnocap produces metal closures for glass and plastic containers, aluminium aerosol cans and bottles, as well as capping machines, with over 75% of its sales volume generated abroad between Europe and North America.
"This joint venture marks our full entry into the Indian and Far Eastern markets and represents a key stage in our international growth strategy, achieved through business diversification and expansion towards high growth markets," said Tecnocap's CEO, shareholder and founder, Michelangelo Morlicchio.
"Beyond seizing the great opportunities for market growth, this alliance gives us the best chance to exploit mutual synergies to operate successfully thanks to the highest quality products, services and logistics."
Tecnocap expects to achieve a turnover of around €180 million in the current year, through eight production sites in Italy, Spain, Czech Republic, Ukraine and the US, three research and development centres and 900 employees.