2 0 0 5 ▁spin ▁out ▁of ▁Fil tr ona . ▁ ▁Bun z l ▁has ▁been ▁listed ▁on ▁the ▁London ▁Stock ▁Exchange ▁since ▁ 1 9 5 7 ▁and ▁is ▁a ▁constitu ent ▁of ▁the ▁F T SE ▁ 1 0 0 ▁Index . ▁ ▁History ▁▁ 1 8 5 4 ▁– ▁ 1 9 3 8 ▁ ▁In ▁ 1 8 5 4 , ▁Mor itz ▁Bun z l ▁registered ▁hab erd ash ery ▁E manuel ▁B ia ch ' s ▁E id am ▁in ▁Poz son y ▁– ▁then ▁part ▁of ▁the ▁H abs burg ▁Mon archy , ▁now ▁part ▁of ▁Slov ak ia . ▁In ▁ 1 8 8 3 , ▁his ▁ 3 ▁sons , ▁Max ▁Bun z l , ▁Ludwig ▁Bun z l ▁and ▁Julius ▁Bun z l , ▁changed ▁the ▁name ▁of ▁the ▁company ▁to ▁Bun z l ▁& ▁B ia ch ▁AG , ▁and ▁moved ▁the ▁headquarters ▁to ▁Vienna , ▁Austria . ▁ ▁From ▁ 1 8 8 8 ▁they ▁began ▁manufact uring ▁paper ▁in ▁Ort mann , ▁and ▁then ▁at ▁W att ens ▁paper ▁mill . ▁From ▁ 1 9 2 5 ▁Hung arian ▁invent or ▁Bor is ▁A iv az , ▁who ▁had ▁pat ented ▁the ▁process ▁of ▁making ▁cig aret te ▁filters ▁from ▁cre pe ▁paper , ▁with ▁some ▁variants ▁including ▁cell ul ose ▁w adding , ▁experiment ed ▁at ▁the ▁Ort mann ▁plant . ▁A iv az ▁produced ▁the ▁first ▁cig aret te ▁filter ▁from ▁ 1 9 2 7 ▁in