PKarton suspended GD board and grey board production in June. Majority owner IKF Holding is divesting its 73% stake in the company.
Italian cartonboard manufacturer PKarton Spa has taken its production plant in Roccavione offline. According to company information, production at PKarton's recycled board mill was indefinitely on 20 June and 160 workers were temporarily laid off under the ordinary wage compensation scheme cassa integrazione ordinaria.
PKarton, former Cartiera Pirinoli, operates two board machines with a total capacity of 120,000 tpy of recycled cartonboard, of which 25,000 -30,000 tpy of grey board and 90,000 tpy of GD board.
A decision about PKarton's future is being made at present. Against the background of poor business performance in 2011 and in the first quarter of 2012, the major shareholder in the company, IKF Holding decided to hive off PKarton and is offering its entire 73% stake in the company for sale. In a press release issued on 27 June, IKF also disclosed that it had already found a potential buyer for its majority stake in PKarton and that a preliminary purchase agreement has been already signed. The transaction is scheduled for closure on 6 July.
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