API invested in one of the early leaders in the packaging and labeling industry, Polygraformlenie located in St Petersburg, Russia. Polygraph was one of the early suppliers of packaging materials to the multinational consumer products companies serving Russia. Leading companies such as Mars, Coca-Cola, Pepsi, Whiskas pet foods, and Red October Chocolates are just a few examples of their clients. Polygraf was an established business and was in the early stages of expansion with new offset printing technology and flexographic printing when API acquired the shares. Polygraf developed into the largest packaging and flexographic materials company in Russia with 2007 revenues approximately $75 million. API reached an agreement to sell its shares in Polygraf to management in 2004 with final settlement in 2007.
