Austrian packaging manufacturer Duropack completes share purchase from Belise minority holders, now owns 100% of its Croatian containerboard and corrugated packaging unit

LOS ANGELES , December 12, 2012 () –

Duropack GmbH, an Austrian producer of paper packaging, has completed the purchase of all shares of its containerboard and corrugated packaging subsidiary in Croatia, reported EUWID-Paper on Dec. 11.

The company is now the sole owner of its Croatian subsidiary in Belišće. Minority shareholders were paid HK$478 (US$62) per share for the total of 38,775 shares, or less than 4% of the company, they still held.

Duropack does not plan to sell or stop making containerboard or corrugated packaging at the Belišće operation, which is one of the primary suppliers for Duropack, said Peter Szivacsek, CEO of Duropack Group, EUWID-Paper reported.

In 2011, HK$51.2 million was invested in the Belišće subsidiary to improve plant and equipment performance, cut maintenance costs, and modernize the facility, according to a 2011 management report that was published in June 2012.

Prior to the delisting of the company on Nov. 6, share trading was suspending on Nov. 2, confirmed the Zagreb Stock Exchange and the Središnje Klirinško Depozitarno Društvo, Croatia’s central securities clearing house, reported EUWID-Paper.

The primary source of this article is EUWID-Paper, Gernsbach, Germany, on Dec. 11, 2012.

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