Canadian aluminium and packaging company Alcan has announced that it has acquired the remaining 35% stake of Propack, its Chinese subsidiary specialized in food flexible and pharmaceutical packaging. Terms of the transaction were not disclosed.
"This investment is further evidence of our commitment to the dynamic Chinese market – a region in which we are looking to continue to make investments in the coming years," said Christel Bories, president and chief executive officer of Alcan Packaging. "I am particularly pleased that Patrick Cheung, Propack’s founder, will continue as president and managing director of the company," she added.
Propack became part of Alcan as a result of the acquisition of VAW Flexpac in May 2003. With 2004 sales of US$90m, the company holds a leading position and benefits from an excellent reputation in the Chinese flexible packaging market, serving both international and local customers. It employs 1,200 people, with modern manufacturing sites in China’s major metropolitan areas: Beijing, Jiangyin, Huizhou and Chengdu.
In Asia, Alcan Packaging has leading positions in the food, pharmaceutical and beauty markets and operates 12 plants in 5 countries with more than 5,000 employees.Source