Wednesday , May 29 2024

Thai firm buys another packaging firm in Vietnam

Thailand’s SCG Packaging has acquired a 70% stake in Starprint Vietnam, one of the country’s top printed carton packaging firms, for VND676 billion (US$27.88 million).

The deal, completed this week by the subsidiary of SCG Group, values Starprint at VND965 billion.

SCG Packaging’s CEO, Wichan Jitpukdee, said the deal would help expand his company’s presence in an industry with high growth potential and allow it to reach more customers in Southeast Asia.

Another Thai firm, Starflex, is set to buy 25% of Starprint.

Starprint was incorporated in 2001 and has become one of the top producers of offset printed cardboard packaging in Vietnam making 16,500 tons of carton and eight million boxes at its two factories in the southern province of Dong Nai.

Its customers include Unilever, Colgate, Nestle, and Heineken.

It reported revenues of VND1.01 trillion last year and post-tax profits of VND92.5 billion.

SCG Group has bought stakes in several Vietnamese packaging companies in recent years, especially since 2020.

It bought out Bien Hoa Packaging in December 2020 and acquired a 70% stake in Duy Tan Plastic in February 2021.

It also owns Kraft Vina, one of the biggest packaging firms in Vietnam.

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