German's Greiner Packaging is expanding in India with the formation of a joint venture, Greiner Packaging India Pvt. Ltd., with New Delhi-based Century Ultrapack.
Greiner Packaging, which specializes in rigid products, has majority ownership of the joint venture.
Axel Kühner, chairman of Greiner Group said: “We see a very high development and growth potential in India, where food packaging is concerned. It is important for us to take a leading role early on in the region. This expansion allows us to systematically pursue our globalization strategy and gives us even more opportunities to respond to the wishes of customers from abroad."
Manfred Stanek, CEO of Greiner Packaging International, said: “This new partnership in India underlines the successful international path that we are currently moving along together with Greiner Packaging. Customers of both companies will profit in the region in the future, thanks to an efficient international site network, supply reliability, technology advancement, and the utmost strength in innovation.”
Family-owned Century Ultrapack was established in 1980 and currently has a total of 135 employees, 62 of them temporary workers.
Greiner Packaging currently has 4,000 employees at more than 30 locations in 19 countries worldwide. The company saw sales of 561 million euros ($629 million) in 2015.