BARCELONA, SPAIN (March 2, 12:50 p.m. ET) — La Seda de Barcelona has approved a capital increase of 400 million euros ($528 million) to boost its plastic packaging division (APPE).
The company will use the capital to expand into new markets and focus on new materials, such as high density polyethylene.
In Europe, the company will enhance APPE's presence in the northern and eastern European markets, including in Russia and the Ukraine, by building a new production plant in Poland. It is also considering investing in a 400,000 metric ton PET plant in Portugal.
In terms of materials, APPE will start using HDPE to access new markets, for example dairy products. New technologies will include Activeseal, Hotfill Double Blow, Deep Grip and Heat Set. And in Italy and Spain, APPE will promote Elite, a resin that contains up to 50 percent post-consumer PET.
The company this week also presented its final results for the 2011 financial year. It posted turnover of 1.2 billion euros, a 17.6 percent increase from 2010.