TERRE HAUTE —
Taghleef Industries, headquartered in Dubai, announced Friday it has closed on a transaction to acquire Applied Extrusion Technologies, which has a manufacturing plant in Vigo County.
“The purchase of AET Films allows Ti to expand its global footprint, secure a strategic position within the North American market and connect with multinational brand owners,” said Rashid Al Ghurair, chairman of Taghleef Industries.
Ti is a biaxially oriented polypropylene film producer, with manufacturing facilities in the United Arab Emirates, Oman, Egypt, Australia, Italy and Hungary and distributions centers in the U.S., China and Germany.
The company announced in April it had agreed to buy AET after approval from the board of directors of both companies.
AET Films, based in Wilmington, Del., has two production facilities, located in Varennes, Canada, and in Terre Haute.
It also has a research and development facility in Newark, Del., and a research and development pilot line in Covington, Va.
AET went before a committee of the Vigo County Council last month seeking a 10-year tax abatement for new equipment. The company plans to invest an estimated $8 million for new equipment.
The company plans to add 13 new employees with an annual payroll of $545,000. AET currently employs 450 workers with an payroll payroll of $28 million, which does not include an additional 30 part-time workers.
Nicholas Levandusky of AET’s marketing department said company officials were not immediately available for comment Friday on any impact that the acquisition may have on the Terre Haute plant.
Thomas Mohr, president and chief executive officer of AET Films, said in the announcement that AET “is adding to Ti a highly skilled workforce, a specialized portfolio and a powerful technology platform” in acquiring AET.
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Taghleef Industries completes AET acquisition
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