ZHUHAI ZHONGFU
Private equity stake in China's largest PET bottle manufacturer / Former Amcor boss joins board
Private equity firm CVC Capital Partners (London / UK; www.cvc.com) has acquired a 20% stake in Zhuhai Zhongfu Enterprise Company (Zhuhai / China), representing an investment of USD 225m. Zhongfu is the number one PET bottle manufacturer in China and the largest in Asia by volume. It is the leading supplier to Coca Cola and also has strong links with Pepsi. Sales in 2006 totalled RMB 2.3 bn (USD 300m).
In addition to carbonated hot drinks, Zhongfu, which employs 8,000 people and has over 60 subsidiaries in China, produces PET bottles for teas, juices and bottled water. Its operations also extend to contract filling of hot-filled beverages and bottled water. The company expects growth in the Chinese PET bottle market of more than 11% annually up to 2011.
CVC’s investment in Zhongfu has led to the appointment of Russell Jones, the former CEO of PET packaging specialist Amcor, as a non-executive director.
In addition to carbonated hot drinks, Zhongfu, which employs 8,000 people and has over 60 subsidiaries in China, produces PET bottles for teas, juices and bottled water. Its operations also extend to contract filling of hot-filled beverages and bottled water. The company expects growth in the Chinese PET bottle market of more than 11% annually up to 2011.
CVC’s investment in Zhongfu has led to the appointment of Russell Jones, the former CEO of PET packaging specialist Amcor, as a non-executive director.
15.11.2007 Plasteurope.com [209489]
Published on 15.11.2007