Nov 10 2006
Polimoon AS and Polimoon Eiendom ANS have today entered into an agreement with Cipax AS, a newly incorporated subsidiary of the Swedish company Xano Industri AB, to sell its rotation moulding business at Bjørkelangen.
Polimoon Bjørkelangen has more than 70 employees, and constructs, develops and manufactures plastic products through rotation moulding. The primary product segments are boats, with trade marks such as Steady and Pioner, as well as products to the automotive industry and buoyancy products. The business has an annual turnover of approx. MNOK 70 and a result on EBITDA level of approx. MNOK 10.
The purchase price for the business, consisting of plant, machinery, furniture, inventory, trade marks and goodwill is MNOK 65, payable in cash. The business will going forward be carried out under the name of Cipax, and will be consolidated into the Xano Group from 1 December 2006. The sales of the business is expected to generate an operating profit somewhat in excess of MNOK 30.
The business at Bjørkelangen is outside the core business of the Polimoon Group, and it is on this background the management has resolved to sell the business.
The rotation moulding company Örnplast is part of the Xano Group, having production facilities in Sweden and Estonia, and has in the recent years had a very positive development. The synergy effects of the acquisition of the Norwegian business are expected to be significant, and to contribute to a continued strong expansion within selected market segments.
Polimoon holds a leading position within manufacturing, developing and selling of plastic products with 40 operations across Europe. Polimoon develops, manufactures and sells a wide range of packaging products within the consumer, chemical and medical industries as well as components to the automotive industry. In addition the Group has some production of customised products to other industries, such as the marine and leisure industry. Polimoon has approximately 4 400 employees with 450 employed in Norway, where also head office is located. Annual sales are expected to be in excess of 4.5 billion NOK. In 2005 Polimoon Group had a turnover of 2 485 million NOK and an EBITDA of 232 million NOK.
Examples of products include bottles for sauces, shampoos, disinfectants, deodorants, canisters for hazardous chemicals, IV bags for medical care, and interior engine components for the passenger car and truck industry.