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

Ferro acquires TherMark Holdings for $5.5 million

February 26, 2015 12:15 pm ET

Ferro Corp. said it acquired privately held TherMark Holdings Inc., a laser marking technology company, for $5.5 million in cash.    More

Image

Serbia puts Krušik-Plastika up for sale

February 26, 2015 11:39 am ET

The Serbian Privatization Agency has launched the privatization process for local plastics maker Krušik-Plastika. The agency says it is...    More

Image

3i to sell specialty chemicals company Azelis to Apax Partners

February 26, 2015 11:36 am ET

Azelis Holding SA, the specialty chemicals distributor, is being sold by its private equity owners 3i Group plc to another private investment outfit, ...    More

Image

Amut buys Dolci and Bielloni

February 25, 2015 3:41 pm ET

Amut SpA, the Novara, Italy-based maker of extruders, thermoforming machines and plastics recycling equipment, has acquired the Italian company that...    More

Image

Tekni-Plex buying Galazzi pharmaceutical film and tape units

February 25, 2015 3:13 pm ET

Italy's Tekni-Plex Europe NV, a subsidiary of U.S.-based Tekni-Plex Inc., has announced that its plan to acquire Gallazzi SpA's Italian-based pharmace...    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