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

Lund adds to aftermarket auto products portfolio with buy of Bushwacker

January 29, 2015 2:49 pm ET

Lund International Inc. has expanded its portfolio of plastic aftermarket vehicle accessories by acquiring Bushwacker Inc.    More

Image

Chemtrusion, Mytex Indiana compounding plant set for expansion

January 29, 2015 1:35 pm ET

Japanese and American partners in a compounding plant in Indiana plan to expand the facility.    More

M&A deals in packaging hit record

January 28, 2015 1:49 pm ET

It's good to be in packaging these days. More precisely, it's good to be in packaging and decide to sell or merge.    More

Image

Sika opens negotiations to acquire Axson Technologies

January 28, 2015 12:17 pm ET

Specialty chemicals maker Sika AG has entered into exclusive negotiations with Axson SAS management and shareholders to acquire its epoxy and...    More

Image

Piovan buys majority stake in Italy's Penta

January 28, 2015 12:04 pm ET

Italian auxiliary equipment company Piovan SpA has acquired a majority stake in the Italian materials handling company Penta srl, based in Poggio Rena...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

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

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

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