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Austrian plastics firm Greiner Packaging is now the sole proprietor of 5 gallon (19 litres) packaging manufacturer Capsnap Europe, following an overhaul of the company’s ownership structure.

Capsnap was set up in 1999 as a 50:50 joint venture between Greiner and 5 gallon and dairy closure producer Portola Packaging. This latest agreement, which was signed on 20 December 2007, saw Greiner take over the shareholding of the US Portola Group from 1 January 2008. All employment roles will be retained and Capsnap will continue to be Portola’s distributor for caps in Europe, although some specific markets and customers will be served directly by Portola.

“5 gallon packaging will be a significant segment for the plastics industry in the future. As the sole owner of Capsnap Europe, we will push ahead with the development of this important pillar for Greiner,” said Greiner Packaging International CEO Willi Eibner.

Capsnap General Manager Günter Ausserwöger commented that the company would be better able to respond to the 5 gallon bottle market in Europe with a single owner. “We will thus be able not only to react faster to European market requirements, but also to align our packaging solutions more flexibly to them,”he said.

According to Portola Europe Managing Director Glenn Heighington, the agreement is in line with Portola’s strategy to focus on its core competency - the production of plastic closures for the water, juice and dairy industries.

Greiner Packaging achieved a turnover of €290.9 million in 2006 and employs over 2,500 people in 21 production sites across Europe.