PARIS — Cosfibel Group will increase its capital by 5.7 million euros, or $8.6 million at current exchange, by Dec. 31 in order to pursue its development and cope with the economic crisis.
This story first appeared in the November 30, 2009 issue of WWD. Subscribe Today.
The Brussels-based packaging concern’s capital inflow is to come from current shareholders, plus two new shareholders, Jacques Berrebi and Jacques Espinasse. Once the increase is concluded, Cosfibel’s existing shareholders will own more than 85 percent of the company’s stock and the new shareholders are to have more than 10 percent.
Cosfibel founder Alain Chevassus will maintain control of the company with more than 58 percent of its shares. He is to remain the firm’s executive chairman.