Teknik Packaging (www.teknikgroup.com) is entering a joint venture with Sealed Air (Saddle Brook, New Jersey / USA; www.sealedair.com) through the sale of 50% of subsidiary company Teknik Plastik (Istanbul / Turkey; www.teknikplastik.com). The newly established jv aims to become the largest food packaging company in Turkey and its neighbouring countries.

Teknik Plastik is considered to be the flagship company of the Teknik Packaging Group and produces printed and unprinted cups and lids for dairy, chocolate and other food products and detergents. The Teknik Group operates through its three packaging subsidiaries: Teknik Plastik, Watertek and Thrace Teknik. Watertek is a joint venture with Capsnap Europe (Kremsmünster / Austria; www.capsnap.at) and engaged in the production of polycarbonate bottles. Thrace Teknik is a joint venture with Thrace Plastics (Alimos / Greece; www.thraceplastics.gr) and engaged in the production of injection moulded tubs. The group generated revenues of around USD 75m (EUR 53m) in 2006.

Sealed Air produces a range of protective food and specialty packaging materials and systems, operating over 100 manufacturing facilities worldwide with more than 17,000 employees. The company generated revenues of USD 4.3 bn in 2006.

“The synergies to be obtained from the partnership are tremendous. Together with our new partner, we will continue to grow Teknik in food packaging in Turkey and neighbouring countries” said Mustafa Özilhan, Teknik Plastik CEO and chairman of the Teknik Group.