Financial restructuring of Group 'secures stable platform'
17 August 2010
Following the conclusion of the financial restructuring of La Seda de Barcelona Group (LSB), its packaging division Artenius PET Packaging Europe (APPE) says it's on course to fulfil its strategic aim of becoming the premier plastic packaging company in Europe
New investors have now injected €300 million of capital into LSB, heralding a much needed return to financial stability. In addition to restructuring the Group’s debt, the new capital will provide significant investment to help develop the APPE business.
“The restructuring has given La Seda de Barcelona and APPE a great opportunity to refocus our outlook in several ways,” explains Martin Hargreaves, recently appointed general manager of APPE Europe.
In particular the Group will now be based on a new model, moving away from the previous strategy of vertically integrated resin and PET product businesses. Instead, focus will be placed on developing the plastic packaging product range, supported by material development with specialist resins and recycled PET.
“Research and development into new products and technologies will be critical, building upon the excellent work already completed,” continues Martin Hargreaves. “Our R&D team will continue to develop the ground-breaking, specialist products our customers and markets demand. Our aim is that APPE will be reputed as a cutting-edge partner, leading the field in delivering new technologies and innovation to the marketplace.”
Additionally, as customers and markets change, APPE recognises that the business must be even more flexible, nimble and pioneering in approaches to both new products and ways of doing business, and has pledged to meet that challenge head on.
The company has already committed to developing new customers in new sectors, and this will be further supported and strengthened to enable it to target additional areas of the packaging market.
APPE will also continue to embrace the challenge of sustainability and environmental responsibility, encompassing all aspects from raw materials right through the production process to the finished products.
“The last 20 months has been an extremely challenging time for the business,” concludes Martin Hargreaves. “However, with the restructuring of our parental group now complete, APPE is fully open for business! We have exciting and positive times ahead and are very much looking forward to further developing our strong, customer focused business.”
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