MELBOURNE, AUSTRALIA - Melbourne-based Pacifica Group Ltd. has sold its remaining 51 percent share in Viscount Plastics to Linpac Group Ltd. for A$44.5 million (US$22.9 million).
Pacifica had sold a 49 percent interest in Viscount to Linpac in March 1999.
John MacKenzie, Pacifica managing director, said the sale was consistent with Pacifica's goal of evolving into an industrial technology company.
``An internal review revealed that Viscount did not fit with our future strategic direction. As our partner in Viscount, Linpac was the logical owner, and we are pleased that we were able to effect the transaction,'' he said.
Viscount makes polypropylene materials-handling equipment, high density polyethylene packaging, and automotive and industrial products. It employs more than 1,000 in Australia, China, Malaysia, Thailand and New Zealand.
MacKenzie said Pacifica likely would direct capital from Viscount's sale into core-technologies development. He said Pacifica wanted to focus on other units and could not expand its plastics division without significant funding.
Linpac is a privately owned, Louth, England-based plastics and packaging maker. It has operations in Europe and North and South America.