Chinese partner to exit joint venture with Tetra Pak
- Details
- Published on Wednesday, 08 February 2012 16:50
CHINA – Tetra Pak’s partner Foshan Huaxin Packaging Co Ltd is exiting the joint venture company Tetra Pak Huaxin (Foshan) Packaging Co Ltd and putting its 25% on sale on the China Beijing Equity Exchange (CBEX) for RMB 409 million.
The joint venture company – of which Tetra Pack Asia Pte Ltd owns the 75% majority stake – was established at the end of 1988 with a registered capital of RMB 67 million. Now a state-held enterprise, its scope of business includes the production of packing materials and products, and package printing.
In 2010, Tetra Pak Huaxin (Foshan) Packaging gained RMB 1.073 billion in operating revenue and RMB 239 million in net profit. Total assets were registered at RMB 1.163 billion.
As of 30 November 2011, the company’s operating revenue had hit RMB 1.058 billion, with a net profit of RMB 215 million.
Foshan Huaxin Packaging has declined comment on the reason for the sale of its stake in the joint venture.
