OREANDA-NEWS. December 09, 2010. The Hungarian packaging maker Tiszatextil has bought the bankrupt Estonian peer OU Uritus, a maker of flexible intermediate bulk containers, European Plastics News reported.

Austrian-owned Tiszatextil will operate the acquired company as an independent unit under the name Tiszatextil Eesti.

The Kohtla-Jarve, northeast Estonia based company is a manufacturer of flexible intermediate bulk containers (FIBCs), or "big bags," with a load capacity of 500-1,500 kilograms.

Tiszatextil, which has capacity to produce 1.2 million big bags a year, said it aims to strengthen its position on the big bag market with the acquisition. The company employs 250 people at its base in the Hungarian town of Tiszaujvaros and exports about two-thirds of its products.

OU Uritus started the manufacture of  FIBC rolls in 1993 and is said to have built up a capacity to produce one million bags annually. It petitioned for its own bankruptcy in May this year. According to the latest annual report available via Krediidiinfo the company made a loss of 5.3 million kroons (EUR 0.34 mln) on revenues of 29.5 million kroons in 2008.

The last time the bankrupt's assets were up for sale by trustee Hillar Villers was on Nov. 17 and the starting price tag then was 14 million kroons.