Biaxplen, a subsidiary of Russian petrochemical company Sibur, completed the acquisition of a 50% stake in Manucor, a producer of polypropylene film for flexible packaging and labels applications, from Pillarstone, a pan-European platform that works with European banks to manage their exposure to non-core and underperforming assets on their balance sheets. Financial terms were not disclosed. “We are proud to establish this partnership with BIAXPLEN and SIBUR that will create strong synergies in terms of sales, supplies and know-how. BIAXPLEN is the leading Russian BOPP player and one of the main players in the international BOPP market, while SIBUR is among the most important manufacturers of PP granules in Europe. This transaction will allow Manucor and BIAXPLEN to expand and complete their product portfolio, extend geographic coverage and commercial presence, given the complementary location of the production sites, and expand and share R&D capabilities,” Luigi Scagliotti, Manucor CEO.