Greiner Packaging International has acquired the cup production arm of Serbian dairy packaging producer Hipol to further strengthen its market position in Europe.

State-owned Hipol was partially privatised and Greiner Packaging Serbia was awarded the contract to acquire its cup production, signed over on 27 March 2012.

Greiner Packaging International CEO Willi Eibner said the company is continuing to enhance its strong marketing position in Southeast Europe based on this acquisition.

"Our strengths in Slovenia, our existing Serbian location in Nova Pazova, and our participation in Hipol are an ideal complementary combination. This creates synergies resulting in even more intensive and successful operations in regions with emerging markets," Eibner added.

Odzaci-based Hipol manufactures cups for the food industry, and produces industrial components and consumer goods made of plastics. The company’s main product line focuses on dairy packaging.

"We are taking over a sector with 60 employees plus the technical equipment for extrusion, thermoforming, printing and injection molding. Within the next three years we plan to increase our workforce in Odzaci to 150 employees," Eibner said.

Last year, Greiner Packaging upgraded its Slovenian plant in Bistrica ob Dravi with the advanced equipment for the production of K3 packaging.

Including Hipol’s revenue, Greiner Packaging’s annual turnover in Southeast Europe is expected to reach more than €20m.