ITALY (News release) -- Prinzhorn Group, having a strategic long term interest in Italy, has made a proposal to acquire corrugated packaging plant Scatolificio La Veggia S.p.A. ("SLV"), Roteglia, which is part of the La Veggia Group of companies in the course of a restructuring process under Italian law.

Prinzhorn and SLV will take the necessary steps in the coming months in order to facilitate and prepare for the final take-over, which is expected in the course of 2023 after homologation by the Court. The transaction is - inter alia - subject to court approval and possible regulatory clearances. Financial details were not disclosed.

The Prinzhorn Group is a European market leader in the packaging, paper and recycling industry. The family owned Prinzhorn Group has its headquarters in Vienna, Austria and is structured in three divisions: Dunapack Packaging (corrugated packaging solutions), Hamburger Containerboard (production of containerboard) and Hamburger Recycling Group (collection and trading of secondary raw materials).