TOP HILL PACK INVESTMENT

[BIZ: Sittard–Geleen, April 24]
With the decision of the Limburg development company, LIOF, to participate in the new Top Hill Pack operation and the agreement of the municipality of Sittard–Geleen to give a partial guarantee, the successful financing of Top Hill Pack is a fact.

LIOF is putting EUR 1.5m of venture capital in the company in the form of shares and a subordinated loan. Sittard–Geleen supports 50% of this. The ING bank had also informed the company that on these conditions it could offer satisfactory funding and together they have been able to set up a new innovative production company in packaging with acceptable risks.

The new company will be in the Noord business park in Sittard at the top of the Nusterweg, and will be producing gable-top packages to be used for a range of products and fruit drinks. With Dutch and Italian shareholders and considerable international experience, the company has good European prospects. In the first phase it will employ 50 locally recruited people, and the new CEO, Mr Guiseppe Adinolfi, expects production to start December 1.

http://www.liof.nl/