Treofan Sells Liège Production Site

Source from:  Tobacco Reporter 10/13/2010

The Treofan Group has agreed the sale of Treofan Benelux, which owns a production site in Liège, Belgium, with about 100 employees, to Luxemburg-based Crystal Amaranth (CA). CA is controlled by Gabriel Catania and Rens Korevaar, respectively former senior executive and senior manager of ExxonMobil Chemical Films Europe. No financial details were disclosed. "The sale helps us focus our business more sharply on specialty BOPP film, and is thus a logical step in our overall long-term strategy," said Carlo Ranucci, the CEO of the Treofan Group. "This deal puts the Belgian asset into expert hands and helps secure the future of the Liège site." After the transaction, Treofan will maintain close ties with the Belgian company through an agreement for the production of up to 20,000 tons of BOPP film per annum and the distribution of certain Treofan products. Enditem