AR Packaging Group has canceled the divestment process owing to the failed sale of the tobacco business.
Earlier in November 2013, the company had signed agreements to divest all its businesses that consist of tobacco, specialties and food packaging.
Following the non completion of the tobacco business divestment, the company has decided to end the divestment negotiations regarding the specialties packaging and the food packaging operations.
The shareholders have agreed to continue to hold the shares of AR Packaging with the decision to develop the company further.
AR Packaging president and CEO Harald Schulz said as the company has canceled its divestment process, the shareholders now have shown interest in developing the company.
"Development measures taken in the last few years have left R Packaging considerably more competitively positioned in the market, and the year 2013 proved to be a very strong year for AR Packaging," Schulz added.
