Global rotomolder Promens to launch IPO

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: November 27, 2013 1:55 pm ET
Updated: November 27, 2013 1:58 pm ET

Related to this story

Topics Mergers & Acquisitions, Rotomolding

Promens nf has announced it is planning to float the group's shares on the Icelandic stock market before the end of next year.

Prior to the registration of the company, Promens intends to issue an initial public offering to attract new shareholders. The plastic rigid packaging, automotive parts and rotational molder, has seen a significant rise in profits, recording a net annual figure of 18.1 million euros in 2012 which it expects to match this year.

Listing on the stock market is a natural next step for the firm and was planned back in 2011 when 99.4 percent of Promens's shares were acquired jointly by the investment firm Horn Invest, part of Iceland's state-run bank Landsbankinn and the country's Enterprise Investment Fund (EIF).

"Floating the company on the stock market is a key step forward for Promens and a logical extension of the systematic progress made through its success in recent years," commented its president and CEO Jakob Sigurdsson.

Meanwhile, Kopavogur-based Promens is about to launch its first rotomolding plant in China. The €3m 3,000 square meter facility in Taicang near Shanghai will open in several phases with an initial molding line operating from this month.

To start with, the plant will employ up to 25 and focus on serving the food and material handling industries. Later Promens will introduce its other molding processes at the unit which will serve Chinese and other Asian customers.

The molder has consolidated its position across key European markets and is continuing to explore its options to grow its activities in the markets of Asia and South America, it stated.

The Icelandic group is projecting it will achieve an overall annual turnover for this year of some €600m.

Promens employs a range of processes including thermoforming, injection and blow molding and runs 42 manufacturing facilities in Europe, North America, Asia and Africa. Its global workforce numbers 3,800.


Comments

Global rotomolder Promens to launch IPO

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: November 27, 2013 1:55 pm ET
Updated: November 27, 2013 1:58 pm ET

Post Your Comments


Back to story


More stories

Image

RJG buys UK training group G&A

September 30, 2014 11:10 am ET

G&A Moulding Technology Ltd., a United Kingdom-based training and consultancy group, has been bought by RJG Inc., the U.S.-based training business.    More

Image

Clariant extends reach into Asia with acquisition

September 29, 2014 9:54 am ET

Clariant International Ltd. is buying VitaPac (HK) Industrial Ltd., a Hong Kong-based company which produces desiccant packets for the healthcare...    More

Image

Nypro Healthcare continues to grow following Jabil acquisition

September 26, 2014 1:59 pm ET

Nypro Healthcare's newest medical device manufacturing facility offers 200,000 square feet of carefully configured Class 8 clean room molding and...    More

Image

England's Essentra buying Abric Berhad

September 26, 2014 11:31 am ET

Packaging firm Essentra plc has announced the planned acquisition of Abric Berhad, a Kuala Lumpur-based manufacturer of security sealing products.    More

Image

Bosch taking full ownership of home appliance venture BSH

September 26, 2014 11:11 am ET

Robert Bosch GmbH is set to take full control of Bosch und Siemens Hausgeräte GmbH (BSH), the domestic appliances giant that it formed with engineerin...    More

Market Reports

Plastics in Mexico - State of the Industry Report

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

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

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

More Events