Toppan makes full-scale entry into BOPP film business in India by increasing stake in MSFL

Toppan, a global leader in communication, security, packaging, decor materials, and electronics solutions, has increased its stake to acquire a majority shareholding in Max Speciality Films (MSFL), a leading Indian manufacturer of biaxially-oriented polypropylene (BOPP) films.

Headquartered in Punjab, MSFL has been an equity method associate of Toppan since 2017, when Toppan acquired a 49% stake. Effective 1 February 2022, it has now become a consolidated subsidiary. In addition to enabling Toppan to make a full-scale entry into the BOPP film business in India, the investment will support efforts to expand the company’s network for supplying mono-materials to diverse customers in global markets, contributing to the creation of a sustainable society.

With production bases in Japan, other parts of Asia, and North America, Toppan operates a wide-ranging packaging business centered on GL Barrier, a transparent vapor-deposited barrier film that enjoys the leading share of its global market. Toppan’s Medium Term Plan, announced in May 2021, takes digital and sustainable transformation as its key concept and identifies priorities in the packaging business to be catering to sustainability-related demand, establishing networks facilitating local production for local consumption, and accelerating global expansion.

Max Speciality Films was founded in 1990 and has its headquarters and manufacturing base in Punjab, India. The company manufactures and sells BOPP films, predominantly for food packaging. Since making its initial investment in MSFL, Toppan has participated in the business as a minority shareholder.

Increasing its stake from 49% to 90% and bringing MSFL on board as a consolidated subsidiary will enable Toppan to strengthen its business in the growing Indian market for BOPP films, which are anticipated to see demand as a more readily recyclable mono-material for packaging. The addition of MSFL and its extensive knowledge of the Indian market to the Toppan Group facilitates an accurate understanding of the needs of a huge market of 1.3 billion people and secures a film development and manufacturing base in a location that will be key for enhancing the global supply network for mono-materials.

Synergies are expected to be produced by bringing together MSFL’s BOPP film manufacturing know-how and Toppan’s forming technologies for barrier and other films to drive global expansion of the supply network for sustainable packaging. Adding MSFL to Toppan’s existing packaging business network, meanwhile, will enable a full-scale advance into the expanding Indian market and strengthen business in India as a destination for sustainable packaging developed by Toppan.

“Demand for sustainable packaging is growing every day, and development of packaging and materials that meet those needs has become essential,” said Masahiko Tatewaki, managing executive officer of Toppan’s global packaging business. “Furthering our partnership with Max Speciality Films, its experienced team under CEO Manohar Kumar, and its unique BOPP film products and technologies will be a significant advantage as we expand our packaging business.”