SFT Group has signed an agreement to enter into a 50/50 joint venture with an Austrian packaging, paper and recycling group Prinzhorn Group.
Prinzhorn Group is structured in three divisions: Dunapack Packaging (corrugated packaging solutions), Hamburger Containerboard (production of containerboard) and Hamburger Recycling (collection and trading of secondary raw material). The group employs 7000 people in 15 countries and ranks among the European market leaders in the recycling, paper and packaging industry.
With an annual turnover of 1,6 billion Euro, the group is number three in Europe in this segment. The family-owned Prinzhorn Group has its headquarters in Vienna / Austria
”With a similar and fully integrated setup like Prinzhorn Group, we see a lot of opportunities to grow our businesses together and faster. I strongly believe that we will experience a strong beneficial development within the near future”, said Stepan Khomyakov, CEO of SFT Group.
“This strong joint-venture brings together long-term focus, market know-how and technical expertise. Our customers can benefit from our improved recycling, paper and packaging solutions.” said Cord Prinzhorn, CEO of Prinzhorn Group.
SFT Group will continue to operate under its current brand. The actual structure of management will remain.