Constantia Flexibles

Constantia Flexibles* expands its international footprint to serve its global clients

Read more

*Company in the process of sale

Constantia Flexibles is a global leader in the fragmented flexible packaging market. The Group produces flexible packaging solutions for a diversified portfolio of blue-chip customers and local champions in the pharmaceutical and consumer industries.

(1) Share of equity owned by Wendel as of December 31, 2022.
Key figures
€1,954.5 m
2022 sales
€565 m
amount invested by Wendel since 2015(2)
including 20% of women in management positions
≈ 62 %
of the product portfolio is designed for recycling(3)
(2) Amount of equity invested by Wendel for the stake held as of December 31, 2022.
(3) This ratio is expressed in euros (this ratio increases 65% of consumer division sales), excluding the Indian operations excluded from the financial reporting scope as of December 31, 2022

Why did we invest in Constantia Flexibles?

Founded by Herbert Turnauer in the 1960s, the Vienna-based Constantia Flexibles group produces flexible packaging solutions for the pharmaceutical and consumer industries. Constantia Flexibles has successfully developed its activities and has become a global leader in flexible packaging. The group now has 7,030 employees in 15 countries, both figures excluding the recently announced India joint-venture and not pro-forma for the acquisition of Drukpol Flexo in Poland announced on March 2, 2023 or the Lászlópack acquisition announced on April 6, 2023.

The flexible packaging market for pharmaceutical and fastmoving consumer goods, in which Constantia Flexibles operates, offers a combination of stability and growth. The business of Constantia Flexibles is resilient because the group caters to the daily needs of end-consumers. In addition, there are long-term megatrends supporting the growth of the flexible packaging market, such as growing population, urbanization and the increased consumption of single portions, tied in with the decline in the size of households and the development of the middle classes, especially in emerging markets. For several years, this market’s growth in GDP terms has outpaced economic growth in developed and emerging countries. Under Wendel’s ownership, Constantia has focused on the most dynamic sub-segments within that market, enabling the company to further enhance its growth profile.

In this fast-growing, resilient but highly fragmented market, Constantia Flexibles has clear competitive advantages enabling it to play a decisive role in the flexible packaging industry and offering long-term (organic and inorganic) growth potential, such as:

  • the group’s long-standing relationships with major global blue-chip customers and local champions;
  • the size of the group, enabling it to harness economies of scale;
  • the group’s innovation capabilities and technological edge, which position the group at the forefront of the packaging sustainability transformation opportunity and allows it to tap into attractive adjacent industries;
  • the group’s strategically located well-invested global manufacturing base; and
  • the ability of Constantia Flexibles to pursue an external growth strategy, as demonstrated recently with the acquisition of Propak in Turkey, FFP in the UK, Drukpol Flexo in Poland and Lászlópack in Hungary, as well as the formation of the announced joint-venture with Premji Invest and SB Packagings in India.
Constantia Flexibles

Quotes from

Wendel supports us by regular interactions with the senior management team and with giving us access to the overall Wendel network. Good challenges and support are received with respect to the efficiency of our operations.

Pim Vervaat
CEO of Constantia Flexibles

Constantia Flexibles, one of the leading suppliers for aluminum and film packaging to the food and pharmaceutical industries, has many competitive advantages and technological innovations to adapt to the sustainability transition, creating solid growth opportunities for the company.

David Darmon
Chairman of Constantia Flexibles’ Board of Directors

What is the development potential?

2023 shows a very promising start of the year with continued progress targeted in volume, EBITDA and cash generation.

In 2021, Constantia Flexibles initiated a strategy called Vision 2025. This strategic roadmap refocuses strategic priorities primarily towards boosting growth and profitability. It also aimed to strengthen organic growth through innovation, the sustainable packaging technologies segment and the new EcoLutions sustainable product range. Constantia Flexibles is also continuously looking at inorganic growth opportunities to take advantage of the fragmented flexible packaging market, through selective consolidation in Europe and worldwide. The company has set the following financial objectives for 2025: organic growth of at least 2% per year, and an EBITDA margin of at least 14% (based on 2020 price levels). Constantia is carefully managing the inflationary cost environment as well as realizing synergies from the recent acquisitions.


Creating an eco-product range:
the Ecolutions portfolio

Sustainability issues are an integral part and driver of Constantia Flexibles’ innovation strategy. Given the company’s global presence, Constantia Flexibles started to develop mono-material packaging in 2014, when this discussion was still at an early stage in Europe.

To meet the challenge of a circular economy without compromising on functional requirements, Constantia Flexibles launched the more sustainable packaging product range “Ecolutions” in 2018. Ecolutions meet both customer sustainability requests and legal requirements with a clear focus on recyclability while maintaining all the properties required to protect the packaged products. Within the Ecolutions family, Constantia Flexibles promotes mono-material solutions that can achieve high barriers and replace standard non-recyclable multi-layer structures. Furthermore, the company’s 360-degree approach covers all common substrates, such as paper, film, and foil packaging. Ecolutions are available in a certified chain of custody materials (ASI, FSC).

Learn more

Constantia Flexibles’ ESG approach

Considering its activity, Constantia Flexibles is really involved in respecting ESG issues.

Employee health & safety

Achieve the goal of “ZERO LOSS – NO HARM”.

=> in 2022: Lost Time Injury Frequency Rate (LTIFR) at 2.2(1)

(1) Frequency rate taking into account actual hours worked.
Climate change mitigation

Reduce absolute scope 1, 2 and 3 greenhouse gas emissions to 24% by 2030 and 49% by 2050 from a 2015 base-year – SBTi approved.

=> in 2022: – 17% (compared to 2015 – base year)

Equity and diversity

Support female employees in advancing their careers at any managerial level.

=> in 2022: 20% of women are in management positions

Products and services with environmental added value

100% of its packaging solutions designed for recycling by 2025

=> in 2022: 85% of the Constantia Flexibles product offering is either already designed for recycling or has a recyclable alternative

Leadership level
Among the top 2% of assessed companies

Wendel’s role in corporate governance

Supervisory Board
Constance d’Avout
David Darmon (Chairman)
Jérôme Richard

Nomination and Compensation Committee
Constance d’Avout
David Darmon

Audit Committee
Constance d’Avout
Jérôme Richard

Useful links