Austria-based plastic packaging firm Greiner Packaging has acquired the remaining 49% stake in Turkish joint venture (JV).
Greiner acquired 51% majority stake in Teknik Plastik and Teknik IML in 2015, which were merged to form Teknik Plastik Greiner Ambalaj.
Going further, the JV will be operating under the name Greiner Packaging.
The acquisition of Turkish dairy product packaging company allows Greiner Packaging to expand its business in the Middle East and in Northern Africa.
Since the acquisition of stake in 2015, the plastic packaging company has been investing in the facility to develop the site infrastructure and machinery thereby expanding the technology and product portfolio.
Greiner Group chairman Axel Kühner said: “This land on two continents harbors a great growth potential that we would like to make increased use of.”
Kühner further added: “In line with continuing our globalization strategy, we have decided to integrate the Turkish site with its 270 employees entirely into the Greiner Packaging corporate organization.”
The plastics packaging firm will introduce its Turkish site as a 100% Greiner Packaging site at Eurasia Packaging fair in October 2017 in Istanbul.
Greiner Packaging, which offers development, design, production, and decoration solutions on plastic packaging in the food and non-food sector, currently provides employment to around 3,400 staff in units across 31 locations in 17 countries.
Since its inception in 1967, Teknik Plastik's forte lies in offering packaging solutions to the dairy sector and it deploys a broad spectrum of food packaging technology.
Teknik IML was formed in 2004 and it has a specialization in In-Mold-Labeling (IML) technology.
Image: Greiner Packaging acquires remaining shares in Turkish Joint Venture. Photo: Courtesy of Greiner Packaging