Paris – France November 21, 2001. Pechiney today announced the acquisition through its subsidiary Pechiney Plastic Packaging International of the Argentine flexible packaging company Envaril Plastic Packaging Srl.
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Founded in 1971, the company is specialized in flexible packaging for meat and dairy products, and employs more than 100 people at its two facilities Chivilco (100 miles of Buenos Aires) and San Luis (Northern part of the country), and achieves sales of nearly $ 18 million.
« This acquisition is in line with our strategy of selective expansion market segments that demonstrate high growth potential » said Ilene Gordon, General Manager and Vice-President of Pechiney Plastic Packaging Division. « This is our first entry into the South American flexible packaging market, which we believe is poised for good growth in coming years. »
« Envaril is an ideal fit for us », added Robert Taylor, Vice President and General Manager of Pechiney Plastic Packaging’s Meat & Dairy Business ». « Like Pechiney, Envaril is a recognized leader in the meat and dairy market segments of the flexible packaging industry, with exceptional knowledge and experience in those segments. Working with our global research and development groups will enable Envaril to introduce new packaging solutions, particularly to the meat segment, among the biggest markets of Argentina. »
The operation also attests to Pechiney’s interest in the development of packaging in South America, following the acquisition of two brasilian companies : in November 2000, Metalpack (collapsible tubes) and in May 2001, Molplastic (cosmetics packaging).
Pechiney’s Packaging Sector, managed by Christel Bories, achieved sales of €2.1 billion and earnings from operations of €100 million in 2000. Its activities are equally divided between food packaging (Pechiney Plastic Packaging and Pechiney Emballage Alimentaire) and health & beauty packaging (Techpack and Cebal).
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Pechiney is an international group that is listed on the Paris and New York stock exchanges. Its two core businesses are aluminum and packaging. With presence in 50 countries, Pechiney achieved sales of approximately 10.7 billion euros in 2000 with almost 32,000 employees.
