Stora Enso has entered into an equity transfer agreement to increase its ownership stake from 51% to 90% in its Chinese subsidiary Stora Enso Inpac Packaging Co. Ltd. The transaction is based on the terms of an option agreement dated October 2010. The cash consideration is approximately EUR 46 million. The transaction is subject to regulatory approval by Chinese authorities and is expected to be finalised during the first quarter of 2016. The transaction gives Stora Enso a better opportunity to develop the Inpac Packaging business further and to execute the strategy in the region. The transaction will have no impact on group’s sales or operating profit.
Sun Chemical’s SunJet division has won the Stationers’ Company overall Innovator of the Year Award for its low-migration inkjet ink, which is safe to use for food packaging.
The firm beat off competition from 32 other finalists in the Innovation Excellence Awards, held at the Stationers’ Hall yesterday, to win the top accolade.
Its SunJet EtiJet UV inks for narrow-web and labels, and Amphora range for packaging, only contain materials that are on approved lists and comply with the Swiss Ordinance standard.
The Stationers’ judges praised the formulation for “making food packaging more safe in the digital arena” and for its “novel chemistry to prevent the ingredients in packaging ink migrating into food”.
Peter Saunders, SunJet business director for digital, said: “The breakthrough is we have come up with a way to complete the cure so all the monomers cure together to create a complete plastic.”
The ink is already commercially available and is used by Durst in its Tau inkjet label press. “This is a huge area of potential growth as there is not a lot of digital printing in packaging yet,” Saunders added.
BBC global business correspondent Peter Day, who has presented Radio 4’s In Business programme since 1988, said: “In the disruptive 21st century innovation defines business success. Thinking up new ideas and products is the easy bit. Putting them into practice – the execution – is difficult.”