Packaging maker RPC to buy Hong Kong-based peer for $430 mln

Thu May 1, 2014 3:23am EDT

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May 1 (Reuters) - Plastic-packaging maker RPC Group Plc said it would buy Hong Kong-based ACE Corporation Holdings Ltd for as much as $430 million.

RPC, which makes packaging for Nivea beauty products and Nescafe Dolce Gusto coffee-machine capsules, said it would pay an initial sum of $301 million for ACE, which also makes plastic packaging.

RPC will pay up to an additional $129 million should ACE meet a specified growth target over the four years ending Dec. 31, 2017. (Reporting by Tasim Zahid in Bangalore; Editing by Robin Paxton)