ATHENS, Aug 3 – Greek packaging group M. J. Maillis, which has commercial activities in Albania, said its restructuring efforts to improve profitability are continuing, with the merger of commercial and production activities and a reduction in the number of intermediate holding companies.
The commercial activities in Sweden, Albania and Serbia using commercial subsidiaries have been terminated and resumed using local distributors.
Maillis said that commercial activity in the Netherlands was absorbed by M.J. Maillis Belgium NV, which was renamed to M.J. Maillis Benelux NV.
The merger of production entities and divisions in Italy was completed and in order to reduce the number of the intermediate holding companies of the group, all the holdings and other activities of Helero B.V. were transferred to the other holding company of the group, Europack S.A.
The above restructuring will result in one-off impairment losses, good will write offs and extraordinary expenses of 6 mln Euro which will be booked in the 2007 interim results.
The cost of the restructuring on a cash basis is 200,000 Euro, but the company expects that the group’s consolidated results will result in benefits of 1 mln Euro annually.
