Braiform separates from Spotless

By Kate Tilley
Correspondent

Published: November 21, 2012 6:00 am ET

Related to this story

Topics Consumer Products, Mergers & Acquisitions, Injection Molding

SYDNEY, AUSTRALIA (Nov. 21, 2 p.m. ET) — Polypropylene coathanger division Braiform has been carved out of Spotless Group Ltd. and now reports directly to Sydney-based private equity firm Pacific Equity Partners Pty. Ltd. (PEP).

PEP took ownership of Melbourne-based industrial services company Spotless Aug. 17 after lengthy negotiations, buying it for A$722 million. Shares sold for A$2.71 a share, which was nine cents below Spotless’s original asking price.

PEP spokesman Justin Clark confirmed Braiform is trading separately to Spotless, but is still owned by PEP. He would not comment further.

Plastics News understands PEP decided to separate the two because they have very different focuses. It is a strategic decision because Spotless is a facility services business and Braiform’s business is plastic manufacturing.

Braiform supplies PP coat hangers, packaging and hanger re-use programs to 32 countries, including the United States. Spotless's 2012 interim results, released in February, showed that from July 1, 2011, to Dec. 30, 2011, Braiform's earnings before interest, tax, depreciation and amortization declined 42.7 percent to US$5.13 million.

Bruce Dixon became Spotless CEO when PEP took ownership of the business. He was managing director of Melbourne-based healthcare services provider Healthscope Notes Ltd. from 1997 to 2010. Before Healthscope, he was a Spotless senior executive.


Comments

Braiform separates from Spotless

By Kate Tilley
Correspondent

Published: November 21, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Alex Brands buys iconic Shrinky Dinks toys

December 19, 2014 3:15 pm ET

First Slinky, now Shrinky Dinks. What will toy and games investment firm Alex Brands buy next?    More

Image

Jarden hiring for new plastics plant

December 19, 2014 1:45 pm ET

Consumer products conglomerate Jarden Corp. is hiring plastics technicians for a new operation in Erlanger, Ky.    More

Image

The return of HPM's big presses

December 19, 2014 11:47 am ET

HPM is back in big injection molding machines.    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS fr...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events