The Canadian company Consumers Packaging Inc. (CPI) is to purchase 25.1% of Israel“s Phoencia Glass Works Ltd. (annual sales about US$ 30 million) as part of a strategic alliance, Phoenicia“s paren…
The Canadian company Consumers Packaging Inc. (CPI) is to purchase 25.1% of Israel“s Phoencia Glass Works Ltd. (annual sales about US$ 30 million) as part of a strategic alliance, Phoenicia“s parent, Koor Industries Ltd, has announced. Koor said that CPI would pay US$ 4.35 million for the stake and transfer technology to the Israeli company to enable it to develop advanced glass packaging products. CPI will also help Phoenicia enter overseas markets, Koor said. Koor managing director Benjamin Gaon said the agreement marked another step forward in the holding company“s strategy of forming strategic partnerships with multinational companies in order to enter new markets. CPI, one of the world“s leading companies in glass packaging products, has annual sales of about US$ 500 million and operates seven plants in Canada and the United States. As previously reported by Glassonline, Consumers Packaging recently completed the acquisition of a leading US producer, Anchor Glass Container Corp., together with the US concern Owens Brockway for US$ 392 million.