INVESTMENT firm Pelvin has acquired a 60 percent stake in Plastique Industries (Plastique), one of the country and region’s largest plastics, and packaging materials supplier.

Chalton Hwende, chairman of the empowerment group, said with an uplift in Zimbabwe’s economic activity, particularly agriculture, consumer and manufacturing industries, they were hopeful that the purchase, and new capital injection would boost Plastique’s capacity to service its customers.

“This (transaction) is a huge opportunity for us and we look forward to growing the business in line with our shareholders’ plans,” said the Zimbabwean businessman and former student leader, adding the previous owners would retain 40 percent.

With a US$3 million valuation, the company has over the years emerged one of the single largest exporters of horticultural packaging as well as biscuit skillet materials, and executives say Zambia presents “quite a huge potential and market” for the latter product.

While Plastique adds a new dimension to other group activities anchored around Namibian–domiciled Twinsday Logistics and another trading entity in Angola, Hwende said they were eyeing further acquisitions in Zimbabwe and abroad with a complementary role.

Pelvin and Plastique’s principal owners – including Flitwich, MacDonald Holdings and Lanmar – have agreed in principle on the takeover of the latter’s entire Zimbabwean portfolio encompassing a Harare factory, other strategic and distribution assets as well as a staff complement of 70 people.

In recent years, it has pioneered plastic moulding technologies and processes such as injection blow, BOPP bag making, sheet extrusion and perforation, and thermoforming.

As a black economic empowerment outfit, Pelvin has also committed itself to implementing production and procurement initiatives with a wider impact on different economic, and social groups, Hwende said.

“With their experience in the logistics and related consumer sectors, we believe Pelvin is able to build on Plastique’s production competencies, good customer as well as asset base to grow the business,” said a spokesman for the sellers.

While the parties are still working out handover processes, the Pelvin boss said financial details and other information remain confidential until such a time that the procedures are completed.