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Pannonplast cuts stake in tool manufacturing unit

Pannonplast Rt, a Hungarian maker of plastic packaging for customers including Danone, reduced its stake in Dexter Zrt, its tool-manufacturing unit, Pannonplast said in a stock exchange statement. The plastics company sold 68.8% of its former 93.9% share in Dexter to the unit's management for Ft 230 million, Pannonplast said. Dexter, separated from Pannonplast as of Jan. 31, will contribute to Q1 results with a loss of Ft 25 million, Pannonplast said. Dexter had pretax losses of Ft 217 million in 2004 and Ft 142 million in 2005.