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Pannonplast establishes plastics venture with Prettl

Pannonplast Rt, a maker of plastic packaging, will form a venture with Prettl Management Service GmbH so the German company can take control of Pannonplast's industrial plastic production.

The unnamed company will control assets and production at Pannonplast Műszaki Műanyagok Rt in April, with Prettl holding a 51% stake and Pannonplast owning 49%, Pannonplast said in a statement.

Pannonplast has struggled as slowing economic growth in western Europe curbed demand for its products. The company is focusing on consumer packaging after reshuffling management and selling unprofitable units. Prettl Group, which owns Prettl Management, is a holding company producing automotive, appliance, high technology and consumer goods.