Italy Smurfit Sisa sells 20% in Transpack for Euro 1.0 million

Jul 17, 2006. /Lesprom Network/. Italian cardboard and packaging materials manufacturer Smurfit Sisa S.p.A. has sold its 20% stake in local packaging materials maker Transpack S.p.A. for Euro 1.0 million, SoldiOnline reported. Smurfit Sisa will book a capital loss of Euro 641 950 on the sale which has been approved by the company's board of directors. The transfer of the shares is due to be completed by July 31, 2006. The 20 stake in Transpack, which was acquired by Smurfit Sisa in 1999, comprises 200 000 shares with a nominal value of Euro 1.0. Smurfit Sisa, headquartered in Novi Ligure, in the Piedmont region in northern Italy, is part of Dublin-based packaging company Smurfit Kappa Group. Transpack specializes in making leather and cardboard packaging materials and in providing logistics services.