With effect from September 2001, the entire Austrian company Korplast PE-Produktions- und Vertriebs GmbH (A-7423 Pinkafeld) will be taken over by Austrotherm GmbH (A-2754 Waldegg-Wopfing; www.austrotherm.at), one of the leading producers of polystyrene rigid foams in Austria. Prior to this transaction, the South Korean company Joongbo Chemical Ind. Co. Ltd. of Seoul held a 40% share in the joint venture which was established in Pinkafeld in 1999. According to a company statement, this transaction laid “the foundations for an advancement of the foam film business division” producing foam products for impact noise attenuation and heat insulation for construction applications as well as foam films for the protection of packaged goods.

At present, the Pinkafeld facility has 24 employees. Since 1999, foams are being produced in a three-shift operation. For 2001, Ferdinand Kühbacher, director of Austrotherm, expects a turnover of approximately EUR 2.54m. In a statement to the press Kühbacher explained: “As a manufacturer of special machinery, Joongbo Chemical´s first priority lies with selling machines. Hence, the sales of PE foam films is of minor interest to them. As part of our company strategy, we have therefore increased our shares in this venture to 100%”. As from next year, Austrotherm will be responsible for the sale of PE foam films in Europe.

Austrotherm Group is a member of Schmidt Industrieholding with a total of 340 employees. According to company statements, the company achieved a 20% increase to EUR 60.3m in the fiscal year of 2000. In Austria, Austrotherm operates an EPS site for the production of façade profiles situated in Pinkafeld and an XPS production facility in Purbach. The company also has two EPS plants in Hungary, another two in Poland and one each in Romania and Slovakia.