Rigid plastics manufacturer One51 has agreed a deal to buy US firm Macro Plastics for a total of $150m.

Macro is the largest manufacturer of rigid plastic bulk bins worldwide. It provides value-added rigid plastic bulk packaging solutions to the agricultural and car sectors, and operates some of the largest bulk machines in North America. 

Headquartered in Fairfield, California, Macro operates three manufacturing facilities in California, Washington and Kentucky.

One51 said the deal offers it a significant footprint for expansion in the strategically important US market and the growing South American market.  

It said the US company's product portfolio is complementary to its existing business and is a "significant" step in One51's strategy to become a leading global player in the rigid plastics market.  

The acquisition is being funded through a combination of the company's senior debt facilities and additional equity from shareholders.  

One51 said the deal will be earnings enhancing from 2017 and follows the acquisition of Encore Industries last November. It said that the integration of Encore is "progressing well".

"This transformational acquisition gives us our first significant presence on the west coast of America, providing us with a leading position in a number of growing market segments," commented One51's chief executive Alan Walsh. 

"The acquisition also expands our geographic reach, product portfolio and customer base across the growing North and South-American markets," he added.