Braiform separates from Spotless

By Kate Tilley
Correspondent

Published: November 21, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Consumer Products, 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

Newell Rubbermaid expanding production, employment in Kansas

March 3, 2015 3:31 pm ET

Newell Rubbermaid Inc. is expanding and extending plastics molding technologies at its Winfield, Kan., manufacturing plant and distribution center.    More

Image

Accella buys IPS Polymer Systems

March 3, 2015 5:26 pm ET

Accella Performance Materials Inc. is acquiring IPS Polymer Systems Inc. to expand the firm's growing polyurethane operation.    More

Image

Best Places To Work: No. 5, Plastic Components Inc.

March 3, 2015 2:50 pm ET

Plastic Components Inc. had a busy 2014: It built a house, earned a patent, spun off a business, added presses and expanded its staff.    More

Image

Best Places To Work: No. 2, B&B Molders LLC

March 3, 2015 1:56 pm ET

Britt Murphey is trying to retire. But he's just having too much fun.    More

Image

Best Places To Work: No. 4, Ayanna Plastics & Engineering Inc.

March 3, 2015 2:39 pm ET

Ayanna Plastics & Engineering Inc., a Clearwater, Fla., injection molder and toolmaker, ranks No. 4 on the Plastics News Best Places to Work list. The...    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

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

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

More Events