Alcan has acquired its remaining stake in Chinese packaging company, Propack
Canadian aluminium and packaging company Alcan has acquired the remaining 35 per cent stake of Propack, its Chinese subsidiary that specialises in food flexible and pharmaceutical packaging. Terms of the deal were not disclosed, Alcan CEO and president, Christel Bories, sys the investment demonstrates the companies commitment to the Chinese market. “(China is) a region in which we are looking to continue to make investments in the coming years," says Bories.
"I am particularly pleased that Patrick Cheung, Propack’s founder, will continue as president and managing director of the company.”
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 has an excellent reputation in the Chinese flexible packaging market, serving both international and local customers.
It employs 1200 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 five countries with more than 5,000 employees.
