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Pannonplast completes sale of Polifoam unit

Plastic parts company Pannonplast Rt announced on Wednesday it closed the sale of a 51% stake in its unit Polifoam with the receipt of €6.7 million (Ft 1.75 billion) from the buyer.

Pannonplast announced the sale at the end of December 2005, and accounted the Ft 1 billion in revenue from the sale in Q4 2005. The buyer of the stake was Germany's Trocellen, which made the purchase as a financial investment. Trocellen is owned by Japan's Furukawa Electric and Otsuka Chemical.