Airopack Technology Group AG announced that it has undertaken steps to initiate a formal termination of its Airolux AG joint venture with Resilux NV. ATG believes Resilux cannot provide sufficient strategic support to the joint venture to achieve the Airopack technology's unique growth potential and to meet customer demands. ATG's actions are being commenced given Resilux's lack of support in the JV and after Resilux has refused to constructively engage with regard to the offer made on 14th December 2015 to acquire Resilux's stake in the joint venture.

Following Resilux's lack of engagement, ATG has issued a Deadlock Notice to Resilux under the terms of the Airolux joint venture agreement, which will allow ATG to initiate procedures terminating the relationship. Previously, ATG presented Resilux an offer to acquire the Airolux stake from Resilux, including full repayment of all Resilux's outstanding shareholder loans and financial debts, alongside a long-term supply agreement for PET preforms and container parts. ATG is following a thorough process, including properly and sufficiently informing Resilux.