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

Australian firm buys Chemical Market Resources

September 23, 2014 8:42 pm ET

In an international consulting deal, Chemical Market Resources Inc. has been acquired by TZ Minerals International Pty. Ltd. for an undisclosed price.    More

Image

Not all mergers and acquisitions in plastics industry have been a success

September 23, 2014 11:08 am ET

Has bigger been better in the plastics mega-deals of the last 25 years?    More

Image

ZF, TRW combination creating a new player for autonomous autos

September 23, 2014 9:59 am ET

The era of autonomous vehicles is close at hand — and is already changing the auto industry in fundamental ways. The latest and biggest example?...    More

Image

Delphi buying connector maker Antaya

September 22, 2014 2:25 pm ET

Delphi Automotive plc will buy Antaya Technologies Corp., a Rhode Island company that supplies wire harnesses and other technologies that connect...    More

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key compon...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

Our special market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Economics editor, Bill Wood, forecasts market growth and industry thought leaders offer competitive insight on key issues and trends impacting PP&T processors.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

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

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

More Events