The biggest brewer in the Philippines, San Miguel, has bought up controls of one of New Zealand's big packaging companies, Cospak.
San Miguel acquired a majority stake in Cospak Group, which it hopes to use as "vehicle for its Australasian and rapidly growing export business," Manila television channel abs-cbnNEWS.com reported.
An arm of the Philippines company, San Miguel Yamamura Packaging International Ltd, signed a sale share and subscription deal with Sydney-based Cospak that will be completed no later than February 2010.
Cospak is the largest packaging trading firm in Australasia and has its New Zealand operations centred at East Tamaki, in Auckland.
The group also has operations in South Africa and Italy, and its annual revenues exceed $A120 million ($NZ147.6 million). It was established in 1969 as Bottle Containers Pty Ltd.
San Miguel Yamamura, on the other hand, is a joint venture of SMC and Nihon Yamamura Glass Co. Ltd., the largest glass manufacturer in Japan.
San Miguel Yamamura has packaging businesses in Malaysia, China, Vietnam and Indonesia selling glass and plastic jars, and bottles as well as general packaging and corrugated cartons.
