The new ownership structure has been agreed by the family owners of JM Holding, which is the parent company of the parent company of RKW SE in Frankenthal and Renolit SE in Worms.
As per terms of the deal, the Fischer and Lang families will acquire 100% stake in JM Holding and Renolit SE, while Müller and De Alvear families will acquire 100% interest in RKW SE.
Expected to be completed this year, the new ownership structure has to secure approval from the antitrust authorities.
Terms of the deal have not been disclosed, specifically the value of the settlements.
RKW Group is an independent and family-owned company, which is engaged in the manufacturing of film solutions.
Established in 1957, the company produces various film solutions such as hygiene and agricultural films, films for the beverage industry and packaging for powdery goods.
RKW also produces films and nonwovens for medical applications, as well as for the chemical and converting industries and the construction sector.
Its consumer packaging solutions comprise of shrink films, easy-opening films, films for ultrasonic welding, bags and pouches, and courier bags. The firm also manufactures FFS films for industrial goods, heavy duty bags, black sacks and valve sacks.
With around 3,000 employees, the company processes 367,000 tons of plastic materials at 20 locations across the world. The firm reported total sales of €878m in the fiscal year 2018.
The company has independent sales partners on four continents, and supplies products to multiple business partners in more than 80 countries.
Renolit is a globally-active specialist in the production of quality plastic films, sheets and other plastic products.
With annual sales of €1.03bn in fiscal year 2018, the company produces various plastic products to meet the requirements of the customers.
The firm produces thermoplastic films that can be used in various applications such as furniture, building components and consumer electronics, as well as films and tubes for medical applications.
Renolit also produces recyclable composite panels incorporating natural fibers for the building sector and automotive industry.
Renolit, which employs around 4,700 people, has more than 30 locations in over 20 countries.