Industrial packaging producer Mauser Group is increasing its share in its Shanghai joint venture from 32.5 percent to 50 percent.
Mauser Holding International GmbH and Shanghai Fanshun Co. Ltd., a leading rigid packaging producer in China, signed the agreement on March 23.
Under the agreement, the intermediate bulk containers (IBC) production assets of Mauser Packaging (Jiangsu) Co. Ltd. will be transferred to the 11-year-old JV, Fanshun Mauser Shanghai Packaging Co. Ltd.
Mauser Group CEO Hans-Peter Schaefer said the consolidation will help serve the Chinese market more effectively and is another step to expand the company's presence in China.
Philippe Larretgère has been appointed the general manager of the JV and is relocating to Shanghai.
Mauser has consolidated sales of more than $1.6 billion and about 4,000 employees worldwide.