Pannonplast sells PannonPipe stake
Monday, July 18, 2005, 00:00
Plastics manufacturer Pannonplast Rt has sold its 50% stake in pipeline maker PannonPipe Kft, Portfolio.hu reported. The deal reduced Pannonplast?s net debt stock by approximately half, to Ft 2.8 billion. Pannonplast decided to sell its stake in PannonPipe earlier this year. After evaluating several offers, the company eventually chose Pipelife International GmbH, which owns the other half of PannonPipe, as the buyer. Vienna-based Pipelife is one of the largest plastic pipe manufacturers of the world. As part of the deal, Pannonplast signed a contract for the sale of PannonPipe?s production plant in Csepel, which it then leased to PannonPipe.