By Daniel Hunter

RPC Group, the British-based rigid plastic packaging supplier, are to be acquired by Iceland-based plastic products maker Promens Group.

Promens, who specialises in manufacturing rigid plastic packaging products and rigid plastic components, will pay in the region of £306 million for the British firm.

"The combination of RPC and Promens provides a unique opportunity to create an enhanced platform of scale across our core European end markets," RPC CEO Pim Vervaat said.

"The enlarged group will benefit from opportunities to extend its product and technology offering across the full breadth of its combined operations as well as to achieve cost efficiencies.

"RPC and Promens are a natural fit and we look forward to developing our enlarged platform to deliver superior value for our customers and shareholders in the future."

The deal is subject to approval from the shareholders of RPC who will hold a meeting on 17 December, 2014 and is expected to be completed by March 2015.

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