Paper packaging production at Tin Thanh Packing Joint Stock Company. A subsidiary of Thailand's Siam Cement Group acquires 80 per cent stake in the Vietnamese firm. — Photo vnexpress.net

HA NOI (Biz Hub) — Siam Cement Group (SCG) of Thailand announced that its subsidiary in Viet Nam, TC Flexible Packaging Company Limited, has acquired an 80 per cent stake in Tin Thanh Packing Joint Stock Company.

In a press release, it said its expansion in the packaging industry in Viet Nam would strengthen its position as a packaging solutions provider in ASEAN.

BATICO, as Tin Thanh is called, was founded in 1995 and produces flexible plastic packaging.

Its first factory is in the southern province of Long An and a second is coming up nearby.

SCG has more than VND15 trillion (US$716 million) in assets in Viet Nam and reported first half sales of VND6.3 trillion (US$288 million), a 3 per cent year-on-year rise.

Overall, the group's profits jumped 48 per cent in the first half to more than $757 million though sales fell 10 per cent to $6.7 billion.

As of June end it had assets of $14.8 billion, almost a fifth of it in ASEAN ex-Thailand.— VNS