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UPDATE 1-Constantia Flexibles to float by end 2013
October 30, 2013 / 7:42 PM / 4 years ago

UPDATE 1-Constantia Flexibles to float by end 2013

* Austrian packaging group seeks listing to fund expansion

* Owner One Equity Partners may seek partial exit

* Share price range, location of listing not disclosed

VIENNA, Oct 30 (Reuters) - Austrian packaging group Constantia Flexibles on Wednesday said it plans a stock market listing before the end of the year.

Constantia Flexibles, which makes packaging for food and pharmaceuticals, and labels for bottles, did not say how may shares it would sell, or at what price the shares would be sold.

JPMorgan and Goldman Sachs will act as global joint bookrunners.

Thomas Unger, Chief Executive of Constantia Flexibles said the proceeds would be used to fund international expansion.

The Austria-based packaging company said it planned to establish a stock corporation as a holding entity of the Constantia Flexibles Group. A capital increase for the stock corporation is being considered, Constantia added.

Constantia also said its current majority owner, JPMorgan’s One Equity Partners, may partially exit with the listing.

Constantia Flexibles has 8,200 employees and competes with Australia’s Amcor and Bemis and Sealed Air of the United States and its customers include chocolate maker Mars, French food group Danone and Italian confection maker Ferrero.

The company said it had made sales of 1.23 billion euros in the first nine months of this year and posted adjusted earnings before interest taxes depreciation and amortisation of 175.3 million euros.

Constantia plans to list on the Frankfurt Stock Exchange and a seek a secondary listing in Vienna, sources familiar with the matter said on Wednesday.

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