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Global rotomolder Promens to launch IPO

By: Richard Higgs
EUROPEAN PLASTICS NEWS

November 27, 2013

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.