Thai conglomerate acquires 80% of Vietnamese packaging firm
BATICO, as Tin Thanh is called, was founded in 1995 and produces flexible plastic packaging.In a press release, it said its expansion in the packaging industry in Viet Nam would strengthen its position as a packaging solutions provider in ASEAN.
Its first factory is in the southern province of Long An and a second is coming up nearby.
SCG has more than VND15 trillion (US$716 million) in assets in Viet Nam and reported first half sales of VND6.3 trillion (US$288 million), a 3 per cent year-on-year rise.
Overall, the group’s profits jumped 48 per cent in the first half to more than $757 million though sales fell 10 per cent to $6.7 billion.
As of June end it had assets of $14.8 billion, almost a fifth of it in ASEAN ex-Thailand.
