SEOUL, KOREA - Korea's largest private equity fund MBK Partners will sell off Techpack Solutions Inc. (formerly Doosan Techpack), a glass bottle manufacturer it had bought in 2008. According to investment banking sources on June 26, the equity fund firm decided to dispose of the former Doosan company to recoup the investment and has already selected underwriters for the purpose.
In November 2008, MBK Partners acquired the 100-percent stake of the company from Doosan Group at 392 billion won, with a condition that it assume a debt of 199.2 billion won.
With headquarters in Gangnam, Techpack Solutions produces bottles for soda, beer, liquor, and juice while supplying aluminum cans and PET bottles. Major customers include Coca-Cola.
Techpack Solutions' 2012 sales revenue was 341.6 billion won with an operating profit of 15.6 billion won. Investment banks estimate the company's value at around 400 billion won.
*Article provided by The Korea Economic Daily
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