South Africa's Astrapak divests six flexible businesses

01-Apr-09

Astrapak, South Africa's largest dedicated plastics packaging producer, recently announced to divest six of the flexible packaging businesses to Pamish Investment No 46 (Pty) Ltd, a wholly owned subsidiary of Afripack (Pty) Ltd for Rand 183.65 mln (US$19.22 mln). The decision is said to be taken in order to focus on its core 'Rigids and Films' division. Accordingly, the company indicated likely investment in form f acquisitions in rigid packaging business. The company's businesses together with its joint venture forming the part of the sale agreement include Astraflex (Pty) Ltd; Cape Wrappers (Pty) Ltd; Diverse Labelling Consultants (Pty) Ltd; Astra Repro (Pty) Ltd; Tamperpak (Pty) Ltd; and Astrapak Flexibles (a division of Astrapak Kwazulu-Natal (Pty) Ltd).