European packaging company Miko Pac NV is going global through a newly formed 50/50 joint venture with Asian plastics processor Innoware Indonesia.
Oud-Turnhout, Belgium-based Miko, which just invested almost 9 million euros ($12.4 million) to expand its Polish production plant, made the move to capitalize on Indonesia's huge potential market as well as serving multinational customers in Asia.
Jakarta-based Innoware, with annual sales of $6.2 million and 277 employees, targets similar markets to Miko producing plastic tubs for the food industry, chiefly for ice cream. A second division turns out molded plastic promotional products like soap containers and mugs.
Miko Pac — which also has a sister company specializing in coffee — has injection molding and thermoforming. Innoware has injection molding and blow molding.
“Thanks to our production sites in Belgium and Poland, and our sales office in Germany, we are in a good position to cover the European market. But, now is the time for Miko Pac to target the Asian market as well, which is a long-term target,” explained Miko group CEO Frans Van Tilbourg in a statement.