UTB Industry has taken over Constar, which was declared bankrupt in May and will relaunch it as part of the UTB Group.
Constar, which makes PET bottles and semi-finished products for soft drinks, dairy, beer and wine, was declared bankrupt after its parent company in the US, Constar International suspended European activity after filing for Chapter 11 protection.
Dick Uittenbogert, CEO, UTB Industry, based in Waalwijk, the Netherlands, said backed by its expertise and experience, Constar will re-establish itself as a player in the market again.
“I am pleased we were able to finalise this deal as there is a lot of potential in the company,” he said. “Now it’s a matter of distinguishing Constar from its competitors.”
After the re-launch, the company will continue under its current management and the activities of Constar in Zevenaar will resume as part of a new venture; Constar Plastics.
Constar, based in Pennsylvania, US, blamed its bankruptcy on a lack of financing. It is the third time it filed for protection after previous submissions in 2008 and 2011.
The first was caused by the recession and the second came after its biggest customer, PepsiCo decided to manufacture its own containers.
FoodProductionDaily has contacted Constar for comment.