KREMSMÜNSTER, AUSTRIA (April 12, 2 p.m. ET) — Greiner Packaging International has purchased the polypropylene-cup producing arm of Hipol, the Serbian state-owned industrial conglomerate.
Hipol's cup producing sector employs 60 and has extrusion, thermoforming, printing and injection molding equipment. Hipol signed over ownership on March 27.
In a news release, Kremsmünster, Austria-based Greiner said the acquisition will strengthen its presence in Southeast Europe. It plans to increase the plant's workforce to 150 within the next three years.
The acquisition is part of Hipol's move toward partial privatization. Hipol, located in Odzaci, is Serbia's only producer of polypropylene. It operates a production plant with a capacity of 35,000 tons per year and manufactures industrial components, consumer goods, and plastics packaging. Its largest market is the dairy industry.
Greiner, based in Austria, said it entered the Southeast Europe market in 2004 and has since become the rigid packaging market leader. In that time, it has increased sales in the region to 20 million euros ($26.4 million), including Hipol.
Last year the company upgraded its facility in Bistrica ob Dravi, Slovenia. It also operates a plant in Nova Pazova, Serbia.
Greiner Packaging International, part of the Greiner Group, posted sales of 446.6 million euros ($588.5 million) in 2011. It has 3,103 employees at 32 sites.