Business

Thailand’s packaging company to expand business in Vietnam

Bangkok-based SCG Packaging Plc (SCGP) has announced that it is acquiring a 70% stake in Starprint Vietnam JSC (SPV) for 1.53 billion BTH (44.5 million USD) to take advantage of positive prospects in Vietnam.
Thailand’s packaging company to expand business in Vietnam ảnh 1Illustrative image (Photo: Packagingworldinsights)
Bangkok (VNA) – Bangkok-based SCG Packaging Plc (SCGP) has announcedthat it is acquiring a 70% stake in Starprint Vietnam JSC (SPV) for 1.53billion BTH (44.5 million USD) to take advantage of positive prospects inVietnam.

The asset acquisition is expected to be completed in the third quarter this year, helping the company improve product sales, includingoffset folding cartons, rigid boxes and luxury packaging products.

Wichan Jitpukdee, Chief Executive of SCGP, said that thecompany will continue to expand its business into markets with good businessopportunities and Vietnam is a high-potential market with growing demand for packagingproducts.

SPV has a prominent client base and long-term track recordof commercial relationships with renowned multinational and national companies, boasting a portfolio linked to high growth and fast-movingconsumer products, he said.

The Vietnamese company has a combined capacity for 16,500 tonnesof offset printing a year and 8 million pieces of rigid boxes per year, withtwo manufacturing facilities located in Long Binh (Amata) Industrial Zone inthe southern province of Dong Nai.

In fiscal 2022, SPV recorded 43 million USD in revenue,net profit after tax of 4 million USD, with assets worth 19 million USD.

SCGP expects to spend an investment budget of around 18 billionTHB (524 million USD) in 2023, with 50% allocated to merger and partnership projects. The remainderwill support business expansion and maintenance projects./.
VNA
#SCG Packaging Plc #SCGP #Starprint Vietnam JSC #70% stake #Vietnam #Vietnamplus #Vietnam News Agency
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