M.J. MAILLIS S.A. announces the completion of the acquisition of 55% of MSN, a company registered in Georgia and engaged in the distribution of packaging materials and machines.
The acquisition of the 55% was made through our subsidiary MSS USA Inc. for an amount of USD 440,000. Wulftec Investment Ltd., subsidiary of Wulftec International Inc and one of the founders of MSN, continues to hold the remaining 45%.
The set-up of MSN in 2003 "opened the road" for the promotion of the Group?s products in the US market, with emphasis on automatic strapping machines and PET strap. In 2005, the Group moved on to establish a production unit for PET strap in South Carolina. With getting control of 100% of MSN, the Group aims at combining production and distribution, thus creating the conditions for achieving high growth rates in the very promising market of North America. Finally, in line with the Group?s strategy to establish a common corporate identity, the name of the subsidiary in Belgium, SANDER NV, is changed to M.J. MAILLIS BELGIUM NV.