Milbank Advises Alupak AG on Joint Venture with Teich AG
Munich, 9 May 2008 – Switzerland’s Alupak AG, a leading manufacturer of aluminum packaging, will sell part of its stake in its Werdohl, Germany-based plant in a joint venture with Teich AG, an affiliate of Austria’s Constantia Flexibles. The international law firm Milbank, Tweed, Hadley & McCloy LLP advised Alupak AG/> and its shareholders Kolb Holding GmbH, an affiliate of Hans Kolb Wellpappe Group, and Paperboard Holding AG. Under the terms of the agreement, Teich AG will acquire 70 percent of the plant, while Alupak AG will retain the remaining 30 percent. The deal value has not been disclosed by the parties involved. The completion of the transaction is subject to approval by the Austrian and German antitrust authorities.
Switzerland-based Alupak AG is a leading manufacturer of aluminum packaging and operates plants in Belp, Switzerland, and Werdohl, Germany. With approximately 85 employees, Alupak’s Werdohl plant recorded approximately EUR 28 million in revenue in 2007.
Constantia Flexibles, a worldwide leading manufacturer of flexible packaging primarily for the food, pharmaceutical and beverage industries, operates at more than 30 plant worldwide. Constantia Flexibles is an affiliate of Constantia Packaging AG and, with more than 4,500 employees, recorded revenue of more than EUR 1 billion in 2007.
The Munich Milbank team representing Alupak AG and its shareholders Kolb Holding GmbH and Paperboard Holding AG included Corporate/M&A partner Peter Nussbaum and associates Ludger Schult and Camille Lamy.
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Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York, with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.
Milbank set up its first European office in London in 1979. The firm’s German offices were opened in Frankfurt in 2001 and in Munich in 2004. Milbank’s European presence has more than doubled in the last two years with growing practices in capital markets, corporate, finance, private equity, outsourcing and litigation. By combining the skill and experience of the lawyers in Milbank's German offices with that of the finance, corporate and tax lawyers based in other Milbank offices, in particular London and New York, Milbank Germany offers its clients fully integrated legal advice at the highest level in these core areas under German, English and US law.