Thai industrial conglomerate Siam Cement Group has sold a 49 per cent stake in its subsidiary, SCGP-T Plastics, to Japan’s printing and packaging giant Toppan Printing for 143 million baht ($4.49 million).
Siam Cement Group still owns the remaining 51 per cent of SCGP-T. The move, it said in a stock exchange disclosure on Thursday, is part of a planned restructuring of its rigid plastic packaging business.
SCGP-T holds a 75 per cent stake in Conimex, a manufacturer of rigid plastic packaging products, including plastic bottles, tubes, cap and closures. It supplies its products to domestic and international manufacturers in cosmetic, personal care, consumer products and industrial liquid industries. It reported 861 million baht in sales and 815 million baht in assets in 2017.
“With Toppan’s fully-capable technical packaging expertise, this restructuring will allow Conimex to strengthen its operations and customer base,” said Siam Cement Group’s president and CEO Roongrote Rangsiyopash.
Toppan recorded total sales of 1.45 trillion yen (around 433 billion baht) in 2017.