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Rank will be drinks giant after SIG buy
Rank Group is set to become the world’s second largest producer of beverage packaging, behind Tetra Laval, after SIG Holding accepted the New Zealand company’s latest offer.
The Swiss drinks carton manufacturer said Rank’s offer of £183 (435 Swiss francs) per share “adequately reflects the company’s value”.
The SIG board supported Rank’s proposal to continue trading under the SIG name and keep the current management and headquarters.
The final results of the offer are scheduled to be published on 4 April. The takeover should be completed some time after SIG’s annual general meeting on 7 May.
The purchase of SIG, beating rivals Ferd and CVC, will follow Rank’s acquisition of International Paper’s beverage packaging division.
Meanwhile, SIG’s Combibloc division, which produces cartons for the food and beverage industry, is investing heavily in machinery in China after almost doubling sales there in 2006.
Karl Eagle, SIG’s South-East Asia cluster head, said: “We have plans to further invest in the region as well as optimise our current investments.”
SIG Combibloc opened its Shanghai facility two years ago and is celebrating the 10th anniversary of its Thai plant.
