Schmalbach-Lubeca finds new owner for PET and White Cap

08-May-2002

With expected economic effect 01.07.2002, the Australian packaging company Amcor Limited will acquire the international PET and White Cap activities (closures) from Schmalbach-Lubeca, subject to regulatory approvals. The transaction is taking place within the framework of the announced re-organisation of the ownership structure of the Ratingen-based company, planned for the medium term, due to the fact that the main shareholder, AV Packaging, undertook their commitment for a limited period only. Schmalbach-Lubeca will continue to manage the Continental Can Europe product group. Over the past few years, Schmalbach-Lubeca has successfully positioned itself on the international markets. Hanno C. Fiedler, CEO and Chairman of the Management Board of Schmalbach-Lubeca AG justified the decision by saying: "International partnerships are a desirable strategic option to maintain one's position in the keenly competitive global environment in future." Some 6,700 employees of Schmalbach-Lubeca in 48 plants and research centres in America, Europe, Asia and North Africa are involved in the transaction. The product groups being sold reported a turnover of EUR 1.9 billion in 2001. The purchase price totals EUR 1.725 billion before deduction of net financial debt. Amcor Limited, a company quoted on the Australian stock exchange, is amongst the leading packaging companies in the world with a turnover of more than EUR 3.4 billion (excluding financial investments). The company with headquarters in Melbourne produces a wide range of different products for the Australasian market. In Europe and America, Amcor is a leading player in the carton packaging, flexible film packaging, PET container and custom packaging sectors. Amcor also holds a 45 per cent financial stake in Kimberly-Clark Australia, a market leader for personal hygiene products.

https://www.chemeurope.com/en/news/10562/schmalbach-lubeca-finds-new-owner-for-pet-and-white-cap.html