Despite a weaker economy, the Frantschach Group – 70% of which is owned by Mondi Europe and 30% by FRAPAG Industrie-holding AG – again increased its turnover and operating profit in 2002.

Turnover was e1.9bn. Investments of e130M, along with seven acquisitions, did much to boost Frantschach’s capacities and also strengthened its market position. In 2002, the group had better than average earnings in Eastern Europe. In Austria, results remained stable.

According to chief executive officer Dr Veit Sorger, production, turnover and earnings continued to increase in the first quarter of this year but Middle Eastern crises have created uncertainty and could flatten the existing upper trend.