Industrial packaging producer Mauser Group has been acquired by private equity firm Clayton, Dubilier & Rice (CD&R) for approximately EUR1.2 billion ($1.6 billion), completing a deal that was first announced in May.

Mauser, based in Germany, manufactures and supplies plastic and steel drums and intermediate bulk containers that are used for industrial chemicals, petrochemicals, agricultural chemicals, paints, inks & dyes, pharmaceuticals & cosmetics and foods & beverages.

The company also provides reconditioning services for used plastic drums and intermediate bulk containers of all products.

Last year Mauser generated revenues of EUR1.2 billion. The company has 4,400 employees at 57 production facilities across 18 countries in Europe, North America, Latin America and Asia.

When the transaction was announced, the two companies stated that CD&R operating partner Vindi Banga would become chairman of the Mauser supervisory board. Banga is a former member of the Unilever executive board.

Commenting on the acquisition, Banga said that Mauser has a leading position in several attractive growth segments, with a broad global footprint and strong local market positions.

“We are very enthused with Mauser’s future prospects to grow profitably and further capitalize on its rich product line of industrial packaging solutions and expanding service offerings,” he added.

Peter Schaefer, chief executive officer of Mauser, commented that CD&R is well-known as a business builder and understands the company’s industry and its value proposition in sustainable packaging solutions.