Fardis (Beerse) may sell Apack stake

Fardis, the Beerse based manufacturer of industrial films and biodegradable packaging , said its difficult cash position had led to the company taking additional measures aimed at better management of the company's working capital since the start of the fourth quarter. These involve minimising stocks and dealing far more quickly with debtors. The improvement of its cash position is a prerequisite and top priority. Pending a definitive solution, Fardis is negotiating the sale of some of the group's less strategic elements. Fardis has a 35.8% interest in Apack, the German company specialised in biodegradable shells in which Fardis has a 35.8% interest. Apack is still looking for additional funds to repay its past debts. However, the process to find funding for Apack's past debts is slow-moving. Fardis is closely monitoring this company and does not rule out taking drastic measures over the coming weeks. In 2001, Fardis achieved a consolidated turnover of € 112 million with approx. 550 employees. 60% of the production is destined for export to countries such as Germany, France and The Netherlands, Brazil, China and Turkey.
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BENOEMINGEN
Maarten Florizoone
Sales Manager M-REAL
Jean-Jacques Janssens Jean-Jacques Janssens
Algemeen Directeur CTA GROUP
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