ZELL, GERMANY (Jan. 13, 10 a.m. ET) — Hungarian plastics packaging producer Pannunion Packaging plc, which was recently purchased by U.S. investment firm Sun Capital Partners, has been absorbed by Sun's pan-European rigid packaging offshoot, Paccor International GmbH.
This is the latest consolidation move by the acquisitive American private investor, which last year gathered up a string of different packaging companies across the region.
Pannunion had packaging operations in Romania, Serbia, the Ukraine and Hungary. Its main business was Pannunion Packaging in Hungary. Other offshoots comprise the packaging blow molding operations of Almand and Pannon-Effekt in Hungary and the rigid sheet and thermoformed packaging materials units of Unical in Romania, Serbia-based Unionplast and Interagropack (Ukraine).
With the earlier addition of other rigid packaging operations including those of France-based Veriplast, Paccor now has a formidable European presence. It produces more than 15 billion packaging units a year at 19 manufacturing sites in 13 countries and had annual sales last year exceeding 425 million euros ($542.7 million).
Paccor, originally based on the rigid packaging business of Finland's Huhtamaki group, was established early in 2011.