Invesprint sells stake in packager

Canada's Invesprint, which specialises in providing labels for the pharmaceutical, healthcare, beverage and petrochemical industries, has sold its 65 per cent interest in Jay Packaging Group, handing 100 per cent control of the latter firm to its senior management team.

The proceeds from the sale were $3.8 million (€3.3m), said Invesprint, with a portion of the proceeds to be used to retire its remaining bank debt of C$1.5 million (€950,000).

"The sale of our 65 per cent interest in Jay will enable Invesprint to concentrate on its high-end label business​," said Tony Wong, the firm's chief executive. Indeed, this is the latest in a series of measures taken by Invesprint to focus its activities on labelling, as in the past three months it has sold a stake in wound care specialist Kree Technologies, terminated a lease on an unused manufacturing plant and invested C$1.4 million in new equipment at its Jonergin label-printing division.

Invesprint suffered a blow last year when Jonergin lost a major customer that accounted for nearly a quarter of its total revenues in fiscal 2001, and the new measures are seen as part of the company's strategy to mitigate this loss of revenue.